South African Crypto Coalition Opposes Draft Cross-Border Payment Rules
A taskforce of regulated crypto platforms is urging the National Treasury and SARB to rethink draft rules it says would restrict cross-border crypto payments by businesses.
AfroEuropa Newsroom
AfroEuropa desk
A newly formed coalition of regulated cryptocurrency platforms in South Africa is pushing back against draft regulations that would limit cross-border crypto payments, warning of economic harm if the rules become law.
The group, which uses the name CATASTROPHE (short for Crypto Asset Taskforce for Advancing Sound, Technology-Neutral Regulation for Opportunity, Prosperity and a Healthy Economy), announced a national campaign calling on the National Treasury and the South African Reserve Bank (SARB) to reconsider the proposed framework. According to a press release carried by BitKE, the coalition brings together several regulated Crypto Asset Service Providers, including VALR, Luno, AltCoinTrader, and EasyEquities, alongside academics, lawyers, economists, entrepreneurs, and other members of the public.
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