South Africa Backtracks on Controversial Crypto Rules After Backlash

South Africa’s Finance Minister Enoch Godongwana indicated that the government may reconsider its proposed cryptocurrency regulations following thousands of public complaints. South African financial regulators are rethinking controversial draft proposals to regulate cryptocurrencies following a wave of public pushback, Finance Minister Enoch Godongwana said Wednesday, Oct. 21. Delivering a budget policy statement, Godongwana acknowledged that the National Treasury and the South African Reserve Bank received thousands of public comments regarding their proposed framework for managing cross-border digital asset flows. “We received thousands of comments, and it is clear that we need to take a different approach to these amendments,” Godongwana told Parliament. “We must aim to shift away from pre-approvals.

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