Luno says crypto draft may clash with SA’s IMF commitments
- Luno argues that draft regulations treat stablecoin payments inconsistently with South Africa's international commitments.
- The draft classifies stablecoin payments as capital flows, while payments in dollars through banks are not treated the same.
- Luno criticizes the regulation of crypto assets by their form rather than their function.
The current draft regulations appear to lack a nuanced understanding of the crypto landscape, which could hinder innovation and competitiveness in South Africa's crypto market. A more tailored approach that considers the unique characteristics of various crypto assets is essential for fostering a healthy ecosystem.
