South African Crypto Coalition Opposes Draft Cross-Border Payment Rules

The coalition points to two central objections in the draft rules published by the Treasury and SARB. One is a measure that would block South African companies from using regulated crypto rails for otherwise legitimate international transactions, which the group argues would place local businesses at a competitive disadvantage. The coalition contends that restrictive rules would damage domestic enterprises and jobs, reduce economic participation, and cut South Africa off from the wider global digital economy.

ITWeb reported that the coalition cautions the proposed cross-border rules could cost thousands of jobs and billions in tax revenue.

Binance says it reserved its own funds to cover a $6.3 billion hack, while stablecoin issuers froze billions. Experts question whether victims will recover the losses.