South Africa's Proposed Crypto Rules Spark Concerns Over Private Wallet Payments

MoneyBadger CEO Carel van Wyk has raised concerns regarding the South African Reserve Bank's draft Crypto Asset Manual, which may classify Bitcoin payments from private wallets as cross-border transactions subject to exchange-control regulations. Van Wyk argues that using a self-custodial wallet for domestic purchases should not trigger these restrictions or require reporting to the Financial Surveillance Department, as holding private keys does not imply that funds are located outside the country.