South Africa is strengthening its cryptocurrency regulation with a new framework published by the National Treasury and the South African Reserve Bank (SARB). Called the « Crypto Assets Manual for Cross-Border Activities », this document aims to regulate transfers of crypto-assets abroad and to non-custodial wallets, which will need to be reported to the Financial Surveillance Department (FinSurv). Only individuals will be able to make outgoing transfers, within their existing foreign currency allowances, while incoming transfers from non-custodial wallets to local platforms will be prohibited. Public consultation is open until September 30. The country already has several hundred licensed virtual asset service providers, according to Chainalysis.
Source: Read the original article
