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🇿🇦 SOUTH AFRICA PROPOSES INSANE CRYPTO CONTROLS, POSSIBLE FORCED SALES
South Africa National Treasury and South African Reserve Bank have introduced draft Capital Flow Management Regulations that could dramatically restrict crypto use.
The proposal would require disclosure of crypto holdings above an unspecified threshold and could allow the government to force holders to sell assets for rand.
Under the draft, investors may not buy, sell, lend, or transfer crypto above the threshold without permission, except through approved providers.
Transactions would require a stated purpose, and using funds outside that purpose could trigger mandatory resale.
Cross-border transfers and payments using crypto would be banned without approval.
Authorities would also gain powers to search individuals, demand declarations, and seize assets suspected of violating the rules.
Critics say the changes raise serious constitutional concerns around privacy, property rights, and freedom of association, calling them among the most aggressive updates to South Africa’s decades-old exchange control system.
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