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2026-09-17 13:45:00 +02:00
Denise
No I do not
All of the above
Threat to Domestic Fintech Jobs, Foreign Investment & Tax Revenue
This freaking govt is in its death throes, and is frantically breaking at straws to prolong it's stay out to remain remembered for longer, despite that they will be remembered in a bad way...
2026-09-17 13:44:33 +02:00
Leon
No I do not
All of the above
The Blanket Prohibition on Corporate/Business Cross-Border Payments
2026-09-17 13:42:44 +02:00
Jacques
No I do not
All of the above
Privacy Overreach & Permanent Ledger Tracking (POPIA / Section 14)
Crypto is ideal to keep a corrupt government's fingers away from private investments. Now the socialists want to lay their grubby paws on this as well? This has nothing to do with money laundering provisions, but rather another way to line their own pockets.
2026-09-17 13:41:54 +02:00
Charles
No I do not
All of the above
The Inward Self-Custody Trap (Banning transfers from non-custodial wallets)
We should see a comparison of the proposed rule to the G20 to be able to properly evaluate this SARB proposal
2026-09-17 13:41:33 +02:00
zak
No I do not
All of the above
Privacy Overreach & Permanent Ledger Tracking (POPIA / Section 14)

What Supporters Say (National Treasury & SARB Stance)

    • Curbing Regulatory Arbitrage:
      Unregulated cross-border crypto movements undermine the foreign exchange framework. Bringing crypto transactions within standard balance-of-payments reporting ensures that fintech entities face the same compliance oversight as commercial banks.
    • Defending the Fiscus & National Currency:
      In an era of borderless digital finance, untracked capital outflows threaten domestic macroeconomic stability and the South African Rand. Comprehensive surveillance enables FinSurv to track the true volume of capital moving across borders.
    • Protecting International Financial Standing:
      Following South Africa’s removal from the Financial Action Task Force (FATF) grey list, closing cross-border anti-money laundering and counter-terrorist financing (AML/CFT) loopholes is necessary to maintain global banking relationships.
    • Ensuring Platform Solvency:
      Enforcing a minimum unimpaired capital reserve of R5 million and mandating client asset segregation protects everyday consumers from exchange collapses and fraudulent practices.
    • Structured Industry Pathways:
      The manual replaces legal ambiguity with a defined, tiered licensing model (Category 1, 2, and 3), providing institutional legitimacy for compliant operators.

What Opponents Say (Industry Coalition, Economists & Legal Scholars)

    • Breach of Technology Neutrality:
      SARB Governor Lesetja Kganyago stated that “similar payment activities should be subject to similar regulatory expectations, whether they are performed by a bank or a fintech.” The draft manual breaches this principle by permitting businesses to execute international vendor settlements via SWIFT while outright banning the exact same economic transaction if routed through regulated blockchain rails.
    • The “Cold Storage Trap”:
      Classifying inward transfers from non-custodial wallets as non-permissible penalizes the foundational property of public blockchain technology: individual self-custody. It creates a one-way street where citizens can take custody of their digital property, but are legally locked out of the domestic banking system if they ever wish to repatriate it.
    • Economic Isolation of South African Enterprise:
      Banning South African companies and trusts from cross-border crypto rails isolates the domestic tech sector, digital exporters, and Web3 startups from the global digital economy, preventing them from using efficient stablecoin settlement channels.
    • Threat to Domestic Jobs & Foreign Investment:
      The industry-led CATASTROPHE coalition (including VALR, Luno, AltCoinTrader, and EasyEquities) warns that billions of Rands in foreign direct investment into South African fintech have been frozen, putting thousands of skilled jobs and significant corporate and PAYE tax contributions at immediate risk.
    • Perverse Incentive for Unregulated Flight:
      Imposing non-workable restrictions will not stop digital asset usage; it will simply drive liquidity away from compliant domestic exchanges into unregulated offshore peer-to-peer (P2P) networks, blinding both FinSurv and SARS.
    • Administrative Cart Before the Horse:
      Requesting public commentary on operational directives while the parent Capital Flow Management Regulations remain unresolved undermines procedural fairness under PAJA.
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