South Africa releases draft rules for crypto capital controls

South Africa's Ministry of Finance has released a draft regulation aimed at controlling cryptocurrency capital, Wu Blockchain reported. Under the proposed rules, crypto transactions over a certain amount must be processed through authorized financial institutions, and global remittances will require pre-approval. Additionally, any assets held overseas must be declared. Violators face potential penalties including the freezing or confiscation of their crypto assets, fines, or imprisonment for up to five years.