PANews reported on November 20 that the South African Financial Intelligence Center (FIC) issued Directive No. 9, requiring digital asset platforms to collect and store the identity information of both parties in cryptocurrency transactions, including full names and wallet addresses. The regulation will take effect on April 30, 2025 and will apply to all transactions with a value of less than US$277 (about 5,000 rand). The directive aims to implement the "travel rule" of the FATF (Financial Action Task Force) to prevent crypto assets from being used for illegal activities such as money laundering and financing terrorism.

South Africa's move is intended to get rid of the impact of being included in the FATF gray list since the beginning of 2023 and restore international trust. However, Altify CEO Sean Saunders expressed doubts about the global minimum threshold of US$277, believing that it may bring additional burdens to ordinary users.