Coalition leads public revolt against treasury’s crypto draft
- The coalition Catastrophe was formed to oppose draft rules restricting cross-border crypto payments.
- The draft crypto asset manual was published by the national treasury and Reserve Bank's financial surveillance department.
- Local companies would be barred from using regulated crypto rails for lawful cross-border transactions.
The formation of the Catastrophe coalition highlights a critical tension between regulatory oversight and the need for innovation in the crypto space. As the industry evolves, it is essential for regulators to strike a balance that fosters growth while ensuring compliance. The proposed rules may stifle local businesses and drive transactions underground, which could ultimately undermine the regulatory goals.
