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JOHANNESBURG - The Reserve Bank and National Treasury are proposing new rules to regulate cross-border cryptocurrency transactions in South Africa.
The proposal would bring the transactions under exchange control rules for the first time.
This will introduce a new authorisation system and stricter compliance requirements for crypto service providers.
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Only individuals would be permitted to conduct the transactions.
Other parties say the measures could significantly reshape South Africa's crypto landscape.
The draft also proposes that individuals may be required to disclose private keys linked to seized crypto assets, with non-compliance potentially attracting fines or imprisonment.
The draft has been published for public comment, with submissions closing at the end of September.