GoTyme Bank has confirmed its participation in the Catastrophe coalition, which is opposing the proposed rules. These rules could prohibit South African companies from making cross-border payments using cryptocurrency. The bank insists that the country's regulatory framework should apply 'uniform standards to equivalent financial operations, regardless of the technology used.'
A bank representative, Pontsho Ramontsha, told TechCentral that the company's position is not about whether cryptocurrency should be regulated—because it should be—but how: consistently, fairly, and in line with regulatory objectives, rather than based on technological labels.
The digital bank, which changed its name from TymeBank this year and reports having over 13 million customers in South Africa, is now listed on the campaign's website alongside founders of VALR, Luno, EasyEquities, and AltCoinTrader.
Farzam Ehsani, CEO of VALR, stated last week that the coalition has garnered support from 203 organizations and 5,677 private individuals, two weeks after its public announcement on September 9th. He noted that these figures demonstrate 'the extent of the desire to review the regulators' proposals.'
Ramontsha added that inconsistent rules can create unintended incentives. She explained that when regulators impose strict requirements on banks but vague standards on unregulated offshore platforms, crypto activity does not disappear; on the contrary, it may become less visible and traceable, reducing opportunities for implementing consumer protection measures.
The bank also has a commercial interest in regulatory clarity, as this will allow 'banks to participate in the developing payment infrastructure and settlement networks.' Its sister bank in the Philippines, a joint venture between Tyme Group and Gokongwei Group, also operating as GoTyme Bank, launched cryptocurrency trading last December in partnership with trading infrastructure provider Alpaca.