South Africa Implements Cryptocurrency Rules

South Africa has issued a draft guideline to regulate cross-border cryptocurrency transfers for the first time, aiming to monitor illegal financial flows and combat money laundering. The guideline states that transfers must be conducted through authorized service providers and are currently limited to individuals only, with a requirement to report the transfers to the Financial Supervision Authority. This comes amid the growing use of cryptocurrencies in the country, while authorities emphasize that the new framework does not grant cryptocurrencies the status of legal tender. They seek to strike a balance between promoting financial innovation and overseeing digital markets.

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