South Africa Proposes Draft on Compulsory Sale of Crypto Assets, BTC Holders May Face 30-Day Declaration Period

BroadChain News, April 25, 14:45, according to Bitcoinist, the South African government has released a latest crypto regulatory draft, requiring residents to declare to authorities and forcibly sell to the treasury within 30 days if they hold qualified assets (including cryptocurrencies) exceeding a threshold, with transactions settled in rand. The draft also stipulates that cross-border transfers of crypto assets require written permission, and daily transactions may face additional approvals.

Critics point out that the framework conflates individuals' self-custodied Bitcoin with high-risk institutional activities, and grants authorities the power to freeze and seize assets, potentially triggering constitutional lawsuits. Carel van Wyk, founder of crypto payment company MoneyBadger, believes that the public consultation period is too short to allow sufficient participation from the industry and the public in discussions.