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According to Bitcoin.com, Farzam Ehsani, co-founder and CEO of VALR, has warned that the cross-border cryptocurrency asset draft released by the South African Ministry of Finance and the Reserve Bank of South Africa, if implemented as it is, will hit the local cryptocurrency industry, innovation, and investment, and push funds and trading volumes offshore and underground. The draft allows individuals to transfer encrypted assets within their existing foreign exchange quota, but prohibits enterprises from conducting cross-border encrypted transactions, and considers multiple types of deposits from self custodial wallets as "unauthorized" fund flows on local licensed platforms. Farzam Ehsani pointed out that this will force businesses and users to turn to unregulated platforms overseas, weaken regulatory visibility and tax base, and call for the abolition of capital controls that have been in use for decades or rewriting rules based on technology neutrality principles while retaining necessary reporting and transparency.