South Africa Plans to Include Crypto Assets in Foreign Exchange Control, Leading to Approximately $135 Million in Suspended Transactions
The South African government plans to incorporate crypto assets into its foreign exchange control framework, restricting their use for cross-border transactions. This has already led to at least three transactions totaling approximately 220 million rand (about $135 million) being directly suspended, involving private equity investments and corporate fund management. Industry insiders are concerned that if the relevant regulations are formally implemented, compliant digital asset transactions may be pushed to offshore or underground channels, affecting government tax revenue. Some companies are already considering legal action. South Africa is currently the second-largest crypto asset market in Africa, with Tether USDT being the dominant stablecoin in the region. As of April this year, the on-chain trading volume of the three licensed exchanges approached 27 billion rand. The South African Reserve Bank stated that the relevant draft is still in the consultation phase, with a deadline of September 30.
-- Price
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.
You may also like

Breed VC Raises $15 Million for Second Crypto Fund

Fairshake Plans to Invest $30 Million Against Sherrod Brown

Superlogic Acquires Entravel's Crypto Business, Animoca Brands Becomes Strategic Investor

Bitcoin Address Transfers 600 BTC Worth $51.6 Million

EFG Holding Secures $40 Million Financing from EBRD to Support Small and Medium Enterprises in Egypt

Predicted Market Trading Volume Expected to Reach $10 Trillion by 2035

Cardano Explains the Origin of the ADA Name

Stablecoin Payment Platform Infini Completes $6 Million Seed Round Financing

Reality's NVIDIA Token Daily Trading Volume Reaches $38.86 Million, Setting a New Record

Russia Circumvents Sanctions with $7 Billion Through Western Banks

Binance Acquires Circle Equity for $100 Million at $80.84 per Share

Kazakhstan's Crypto Market Trading Volume Reaches $10.58 Billion, Web3 Ecosystem Enters Global Top Ten

CoinFerenceX and The Best Event to Launch Joint Web3 Summit in Singapore

Former Bank Employee Sentenced to 4 Years for Accepting $470,000 in USDT Bribes and Certifying Over $1.6 Billion in Fraudulent Letters of Credit

Bittensor Enters Revenue Era, Annual Ecosystem Revenue Expected to Reach $28 Million to $35 Million

SOL Spot ETF Sees Daily Net Inflow of $26.0973 Million

California Woman Sentenced to 18 Months in Prison for Concealing $2.6 Million in Crypto Crime Proceeds

xAI Releases Grok 4.7 with 2.1 Trillion Parameters, Benchmarking Behind Claude

Balancer V1 recovery proposal allocates 296.401711 ETH but no immediate payouts for LPs

India Seeks Alternatives to Russian Oil Due to US Tariff Threats

Tom Lee Discusses Entry into Digital Asset Bull Market and AI Fund Movements

Strategy buys 950 bitcoin for 75.7 million dollars

Mr&强 Observes Large BTC Buy Orders on Coinbase

Fairshake Announces $30 Million Campaign Against Democratic Candidate Brown

Paymob Raises $35 Million to Accelerate Expansion in the Region

SecondFi Warns Users Not to Claim NIGHT Tokens with Affected Wallets

X-Agent Releases White Paper, Shifting AI from Content Generation to Execution and Transactions

Vietnam targets 2026 launch for first licensed crypto service providers

People Power Party: "Rushing Digital Asset Taxation Burdens Investors... Tax System Needs Review"




