Exchange controls are not the same thing as crypto regulation. Capital-flow rules aim at the border, not the asset — and the border is exactly where a bearer instrument is hardest to police.

Every jurisdiction that has tried this arrives at the same place: the rule shapes the on-ramp, not the ownership.

The detail that decides how much this matters is whether it lands as reporting requirements or as hard limits. Those two have very different consequences for local liquidity.

If your country did this tomorrow, would it change how you hold? #SouthAfricaProposesCryptoExchangeControls