South Africa plans to implement a new regulatory framework for cryptocurrencies and will soon release draft regulations.

South African Finance Minister Enoch Godongwana announced that draft regulations will soon be released to include crypto assets within the capital flow management framework under the Currency and Foreign Exchange Act. This move is a response to the Pretoria High Court's ruling last year that "cryptocurrencies are not currencies," which temporarily exempted crypto assets from South Africa's foreign exchange controls. The South African Reserve Bank has appealed the ruling and is developing a new framework for cross-border crypto asset transactions. Previously, South African regulators had restricted users from using payment cards to purchase cryptocurrencies overseas and warned that unauthorized cross-border transfers of crypto assets could constitute a crime. (Mybroadband)