REGULATION | South African Reserve Bank Moves Quickly to Block Crypto Loophole, Files Appeal Against High Court Ruling on Exchange Controls

REGULATION | South African Reserve Bank Moves Quickly to Block Crypto Loophole, Files Appeal Against High Court Ruling on Exchange Controls

Just two weeks after a landmark Pretoria High Court ruling found that cryptocurrencies are not subject to South Africa’s exchange control regulations, the South African Reserve Bank (SARB) has filed an appeal to overturn the decision. The central bank says the court made an error by ruling that crypto assets are not “money” or “capital” in the context of exchange controls, effectively creating a loophole that could allow unlimited funds to be ex…