Why South Africa's draft capital flow regulations could stifle blockchain innovation

The National Treasury's draft capital flow regulations define a 'crypto asset' so broadly that it could include green energy certificates and loyalty points. This definition, based on the 1933 Currency and Exchanges Act, could have devastating consequences for local blockchain innovation. Specifically, the phrase 'other forms of utility' in the definition could encompass virtually every token ever created on a blockchain, which poses a significant issue.