South Africa central bank argues ‘outdated’ exchange control law still valid for crypto regulation

The South African Reserve Bank has filed an appeal regarding a High Court ruling that criticized its use of an outdated exchange control law for regulating cryptocurrencies.

SARB claims the High Court erred in favoring Standard Bank and insists that the exchange control regulations are still relevant for cryptocurrency transactions.

In response, the CEO of Future Forex criticized the redundancy of existing regulations while praising SARB’s quick decision to appeal, maintaining the previous regulatory stance.