South African Finance Minister Enoch Godongwana said regulators need to change their proposed crypto rules after receiving thousands of public comments. He called for assessing cross-border transactions for legitimacy and tax compliance rather than requiring pre-approval. The rules have not been revised: consultations are planned before a second draft is published for further input.
The drafts proposed banning transfers involving non-custodial wallets and allowing authorities to require declarations of crypto holdings above an unspecified threshold, with possible sales to the state for rand. Crypto platforms warned that restrictive rules could push transactions into opaque channels. Godongwana said future guidelines would align more closely with Financial Stability Board standards.
