South Africa to Rework Crypto Draft Rules After Thousands of Complaints
- —Godongwana said thousands of comments made clear a different approach is needed
- —The draft would have forced holders to declare assets and potentially sell them to the state
- —It also banned transfers to non-custodial wallets, effectively cutting off DeFi access
- —New consultations will align the revised draft with Financial Stability Board standards
Why it matters: The pivot lowers the risk of pushing South African users into opaque channels and sets a precedent for crypto regulation across Africa.
Source: Bitcoin.com