South African crypto firms halt billions of rand in trades over proposed FX control changes

South African digital asset firms have paused trades worth billions of rand as regulators prepare potential rule changes, according to Bloomberg. The proposed amendments would bring cryptocurrencies under the country’s foreign exchange control regime and place limits on their use in cross-border transactions. The move centers on a regulatory adjustment plan rather than an announced final rule, but it has already led companies in the sector to stop a sizable volume of trading activity. Bloomberg said the affected transactions amount to billions of rand. The proposal would specifically fold crypto into South Africa’s exchange control system, extending oversight to an area that had not been treated the same way under the current framework. It would also curb how cryptocurrencies can be used across borders.