South Africa plans to include cryptocurrencies within the foreign exchange control framework

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Mars Finance News: The South African Ministry of Finance has released the “Draft Regulations on Capital Flow Management 2026” for public consultation. The draft proposes a reconstruction of the current foreign exchange control framework based on the “Currency and Foreign Exchange Act,” with key points including: aligning with the recommendations of the Organization for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF) on anti-money laundering, counter-terrorism financing, and curbing illegal capital flows; for the first time including crypto-assets within the scope of foreign exchange controls to strengthen risk management and regulation; further clarifying exemptions, licensing, and applicable conditions; and introducing administrative penalties for violations of the regulations. Comments must be submitted via email to the designated address of the National Treasury within 30 days of the announcement.

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