Original sourceBusiness Day
Summary
South Africa's Treasury and Reserve Bank propose new rules to regulate cross-border crypto transactions and curb illicit financial flows. Draft crypto asset handbook and April regulations enhance control over crypto assets, expand the Financial Intelligence Centre's ability to detect and stop illic…
Key points
- This regulatory update impacts crypto businesses and cross-border traders in South Africa; understanding compliance helps mitigate legal risks.
- South Africa tightening crypto regulation signals that African markets are gradually integrating into global AML and compliance frameworks.
- Crypto service providers must strengthen cross-border transaction reporting; user privacy may face increased monitoring.
Editorial note
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