SOUTH AFRICA SET TO REVAMP EXCHANGE CONTROLS IN BID TO ATTRACT FOREIGN CAPITAL

South Africa has proposed significant changes to its exchange control regulations, aiming to transform the country into a major financial hub in Africa.

The overhaul seeks to bolster the nation's attractiveness for investors by introducing more flexible rules governing money flows, including those related to cryptocurrencies.

Under the new proposals, individuals will be granted higher discretionary offshore allowances, allowing them to manage their assets abroad with greater ease.

Crypto assets, a growing and contentious sector in South Africa, would be formally integrated into the exchange control framework for the first time.

The changes also include easing restrictions on capital flows, which could attract at least R10-trillion rand in investment over time, according to the Johannesburg Stock Exchange (JSE).