SARB Unveils New Rules for Cross-Border Crypto Transfers in South Africa

The South African Reserve Bank (SARB) and National Treasury have published a draft Crypto Assets Manual, outlining new rules for cross-border cryptocurrency transfers in the country. The manual sets a trigger point for when transferring crypto assets across South Africa's borders becomes a regulated and reportable event.

According to the draft manual, this trigger is met when transferring between a domestic Authorised Crypto Asset Service Provider (CASP) and an offshore CASP, or from a domestic CASP to a non-custodial wallet. This applies to individuals, not companies, who can externalize crypto assets through an authorized CASP using their discretionary or foreign capital allowance.

The reporting obligation itself sits with the CASP, which answers to SARB's Financial Surveillance Department (FinSurv), not the individual directly. The manual is part of a broader rulebook aimed at replacing South Africa's 1961-era Exchange Control Regulations entirely.