South Africa Central Bank Argues ‘Outdated’ Exchange Control Law Still Valid for Crypto Regulation

South Africa Central Bank Argues ‘Outdated’ Exchange Control Law Still Valid for Crypto Regulation

The South African central bank has appealed a High Court ruling that criticized its use of an outdated exchange control law to regulate cryptocurrencies. Central Bank Says High Court Erred The South African Reserve Bank (SARB) has appealed a High Court ruling that criticized the central bank’s reliance on an outdated exchange control law to... The post South Africa Central Bank Argues ‘Outdated’ Exchange Control Law Still Valid for Crypto Regula…

High Court ruling on crypto exchange control suspended pending appeal – Moonstone Information Refinery

Last month’s High Court judgment which found that cryptocurrencies are not subject to the Exchange Control Regulations has been suspended following the filing of an application for leave to appeal. Therefore, South African businesses and individuals who engage in cross-border cryptocurrency transactions should not assume their compliance obligations under the Exchange Control Regulations have been relaxed. In a judgment delivered on 15 May, the …