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Liquidators of Mirror Trading International, a massive South African crypto pyramid scheme, have received over 9,441 claims totaling nearly $395 million. Shrinking Assets and Rising Legal Costs Liquidators overseeing the collapse of Mirror Trading International (MTI), once described as South Africa’s largest pyramid scheme, have received 9,441 claims totaling nearly $395 million (6.5 billion rands), … Read more
A new report by Discovery Bank and Visa highlights a major shift in South Africa’s financial landscape, as cryptocurrency matures from a speculative trend into a mainstream investment class. Key Takeaways: Discovery Bank and Visa report that 7.8 million South Africans now treat crypto as a mainstream asset class. Middle-income trading grew 26% in 2024, … Read more
Industry leaders and financial experts have issued a sharp rebuke of the South African National Treasury’s Draft Capital Flow Management Regulations 2026, calling the proposal a regressive move that mirrors apartheid-era economic controls. Key Takeaways: National Treasury draft replaces 1961 rules with 2026 digital asset controls despite Sidley’s objections. VALR CEO Ehsani warns of a … Read more
South Africa’s proposed capital flow management regulations 2026 introduce strict new requirements for travelers entering or leaving South Africa with cryptocurrency. Key Takeaways South African Treasury draft rules require visitors to declare crypto or face up to 5 years in prison. New 2026 capital flow laws grant officials invasive powers to search devices for Bitcoin … Read more
Eskom, South Africa’s state-owned power utility, is reversing its previous stance by targeting high-intensity energy consumers, specifically bitcoin mining companies. Nyati announced plans to sell excess electricity generated during the day due to increased solar power usage. The Solar Paradox In a shift that seemed impossible only two years ago, South African state-owned power utility … Read more
Economist Dawie Roodt has issued a warning that central bank digital currencies could become tools for authoritarian control due to their “programmable” nature. The Authoritarian Risk South African economist Dawie Roodt warned that central bank digital currencies, or CBDCs, could become instruments of authoritarian control if governments exploit their programmable features. Speaking at a recent … Read more
South African crypto-asset service providers must now transmit detailed transaction data directly to the revenue collector, allowing for precise automated reconciliation and targeted audits. The End of the ‘Offshore Shield’ The South African Revenue Service (SARS) has, since March 1, used its most sophisticated tools to date to track crypto-assets and offshore financial interests. The … Read more
South African Finance Minister Enoch Godongwana has announced plans to end the country’s crypto regulatory vacuum by drafting new rules to integrate digital assets into the national capital flow management regime. Closing the Regulatory Vacuum South African Finance Minister Enoch Godongwana has signalled a definitive end to the regulatory vacuum surrounding digital assets, revealing the … Read more
A consortium of South African firms has launched ZAR Universal (ZARU), a blockchain-based stablecoin pegged to the local currency. Transparency and Reserve Management A consortium of South African financial and fintech firms—Luno, Sanlam Specialised Asset Management, Easyequities, and Lesaka—has unveiled ZAR Universal (ZARU), a blockchain-based stablecoin pegged to the South African rand. The partners describe … Read more
South Africa’s crypto market is accelerating into a higher-confidence phase as the FSCA confirms 420 CASP license applications, approvals stacking up, compliance pathways clarifying, and institutional-grade oversight reinforcing momentum around which firms are positioned to scale under authorization. South Africa Crypto Market Builds Momentum as 420 Providers Flood Licensing Pipeline The regulation of crypto-related financial … Read more