South Africa drafts sweeping new crypto regulations

South Africa has drafted new regulations that would significantly tighten its oversight of cryptocurrencies, BeInCrypto reported. Under the proposal, authorities could demand the private keys required to access crypto assets, with refusal constituting a criminal offense. Additionally, individuals holding cryptocurrencies like Bitcoin above a certain threshold would be required to report their holdings within 30 days. The draft also stipulates that large-value transactions could only be conducted through licensed platforms.