VALR hits back at proposed cross-border crypto ban
- VALR CEO Farzam Ehsani warns that barring South African companies from cross-border crypto transactions may drive these activities underground.
- Ehsani argues that the proposed regulations contradict the authorities' goal of enhancing oversight and preventing illicit financial flows.
- The draft Crypto Asset Manual could disallow stablecoin settlements for South African businesses, limiting their ability to transact internationally.
The proposed regulations appear to be a misguided attempt to control the crypto market, potentially stifling innovation and pushing legitimate transactions to less regulated environments. A more nuanced approach that embraces technological advancements while ensuring oversight is essential for fostering a healthy crypto ecosystem in South Africa.
