South Africa's treasury backs down on crypto rules after thousands of comments

South Africa's National Treasury and Reserve Bank will rewrite draft rules on moving crypto assets across borders after receiving "thousands of comments." Instead of pre-approvals, regulators will assess transactions for legitimacy and tax compliance, with a revised draft to follow consultation.

• Treasury drops pre-approval approach for cross-border crypto transactions
• Nearly R63-billion moved from SA bitcoin wallets abroad since January 2019
• April draft carried fines up to R1-million and up to five years in prison
• Companies faced a ban on moving crypto offshore in either direction