South Africa Proposes New Regulations for Cross-Border Crypto Transfers

The National Treasury and the South African Reserve Bank released a draft Crypto Asset Manual on Monday to regulate the movement of cryptocurrency across borders. The proposed guidelines establish specific conditions that make crypto transactions reportable events, focusing on assets moving from local authorized service providers to offshore providers or into private, non-custodial wallets.

These rules are designed to disrupt illicit financial flows and prevent the use of digital assets to bypass existing financial controls. Under the proposed framework, only individuals are permitted to move cryptocurrency offshore, provided the transactions remain within existing foreign currency allowances.

The South African Reserve Bank explicitly stated that these guidelines do not grant cryptocurrency legal tender status. The central bank will manage transaction reports through its Financial Surveillance Department. Interested parties have until September 30 to submit comments on the draft proposal.