South Africa’s two largest crypto exchanges say there are big problems with proposed new rules

• South Africa's two largest crypto exchanges, Luno and VALR, have expressed concerns about proposed new rules that they believe will cause significant problems for the industry.
• The proposed rules, outlined in the draft Crypto Assets Manual, aim to establish a formal framework for governing the movement of digital assets across South Africa's national borders and would ban inward and outward transfers from non-custodial wallets.
• The proposed rules have been met with criticism from Luno and VALR, who argue that they will restrict South African companies from using stablecoins for cross-border commercial transactions and effectively prohibit interaction with decentralized finance (DeFi) applications.