High Court ruled cryptocurrencies do not fall within the definition of “money” or “capital” in terms of South Africa’s exchange-control regulations, law firm ENS says in emailed statement.
- Ruling was made in case brought by Standard Bank against South African Revenue Service, challenging forfeiture of funds linked to cryptocurrency transactions by a client
- Court found forfeiture not justified as cryptocurrency cannot be regarded as a form of capital in terms of exchange-control regime
- Court says regulatory framework addressing cryptocurrencies “long overdue”: ENS
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