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Luno officially challenges South Africa’s proposed capital flow regulatory rules

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ME News, July 16 (UTC+8): Crypto exchange Luno officially challenged South Africa’s proposed foreign exchange legal reforms, arguing that a plan by the National Treasury to bring digital assets under capital flow regulation bypasses Parliament, affecting the property and privacy rights of millions of South Africans. In its filing, Luno said the relevant draft includes provisions for asset seizure that cannot be ordered by a court, forced liquidation, and sanctions that could lead to business termination. Violators could face up to 5 years in prison, a $53k fine, or both. Luno urged that the final framework for crypto capital flows be set through a parliamentary bill, under which crypto assets purchased and held on licensed exchanges in South Africa would be recognized as domestic assets, with different digital asset categories distinguished by economic function. Luno also recommended removing the mandatory sale and warrantless asset seizure mechanisms, and allowing non-resident international trading companies to continue entering the South African market under proper registration to maintain market liquidity. (Source: ODAILY)
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