South Africa Plans to Bring Cryptocurrencies Under Foreign Exchange Controls, Approximately $135 Million in Transactions Halted

TechFlow reports on Sept. 21 that, according to Bloomberg, South African digital asset firms have suspended transactions worth billions of rands due to proposed regulatory adjustments. The proposed revisions would bring cryptocurrency under South Africa's foreign exchange control regime and restrict its use in cross-border transactions.

Sources familiar with the matter revealed that at least three transactions were directly suspended due to the proposed changes, totaling R2.2 billion (approximately US$135 million). The individuals requested anonymity as they were not authorized to provide public comment.