Luno says crypto draft may clash with SA's IMF commitments

Luno has challenged South Africa's draft cross-border crypto rules, arguing that treating stablecoin payments as capital flows rather than current flows conflicts with the country's IMF commitments. The company also opposes the blanket ban on cross-border crypto transfers by companies and the self-custody rule.

• Luno: stablecoin payments would be classed as capital flows, not payments for goods and services
• Draft bars South African companies from moving crypto across the border with no threshold or exception
• Self-custody rule allows crypto to leave a local platform but not to return
• Luno wants bitcoin treated as an issuer-less commodity and stablecoins as payment instruments