Legal Affairs / General

Exchange Controls and Cryptocurrencies: What the recent High Court ruling would mean for capital export restrictions (South Africa)

The High Court Gauteng Division, Pretoria (High Court) recently delivered a judgment in the case of The Standard Bank of South Africa v The South African Reserve Bank and Others (Standard Bank case) dealing with, inter alia, the Exchange Control Regulations issued under the Currency and Exchanges Act 9 of 1933 (Exchange Control Regulations), specifically, as to whether cryptocurrencies constitute “capital” for purposes of Regulation 10(1)(c) of the Exchange Control Regulations.

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