Luno calls for new regulations to spur South Africa's cryptocurrency growth

Luno, a prominent South African cryptocurrency exchange operating in 40 countries, has urged the National Treasury to enact regulatory changes to classify digital assets as onshore assets when held on local licensed platforms. These reforms are seen as critical to unlocking significant economic growth and generating much-needed revenue for the country’s fiscal health. Historically, South Africa was a frontrunner in the cryptocurrency domain, but it now risks lagging behind as other countries embrace digital currencies as a recognised asset class for both institutional and individual investors. The crux of Luno’s appeal to Finance Minister Enoch Godongwana revolves around the critical need to classify digital assets as onshore assets when held on local licensed platforms, paving the way for enhanced investment opportunities. Currently, digital currencies are not designated as either offshore…