VALR, Luno, AltCoinTrader and EasyEquities have joined a coalition fighting treasury’s proposed cross-border crypto ban.
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The Bank has told TechCentral it is still engaging on crypto assets, including stablecoins, as an industry campaign builds.
A rand stablecoin built for corporate treasuries has been launched just as Pretoria moves to fence those treasuries off.
Barring South African companies from moving crypto assets across the country’s borders will backfire, VALR has warned.
Draft Reserve Bank and treasury rules would ban companies from moving crypto across the border, in either direction.
South African staff are among those affected, but the crypto exchange will not say how many.
Industry warns national treasury’s biggest exchange-control rewrite in 60 years could undo South Africa’s hard-won crypto gains.
A partnership between four financial institutions has led to the launch of an “institutional-grade” stablecoin pegged to the rand.
The countries that will benefit most from digital assets will be those that regulate them clearly, fairly and with confidence.
Legislative changes and lower-cost infrastructure are driving the advance of cryptocurrencies into mainstream payments.