South African crypto firms pause 2.2 billion rand in trades over proposed FX controls

South African crypto companies have paused at least 2.2 billion rand, or about $120 million, in transactions as proposed foreign exchange control rules could restrict the use of digital assets in cross-border payments, according to Techub News citing Crypto.news. People familiar with the matter said the move shows how the industry is responding to regulatory uncertainty. The report points to concern that the proposed rules may limit one of the key use cases for digital assets in the country: moving value across borders. No further details were disclosed on which firms were involved or how long the suspension may last, but the reported figure gives a sense of the scale already affected.