South Africa Invites Comments on Draft Manual for Cross-Border Crypto Asset Transactions

The National Treasury and South African Reserve Bank (SARB) have invited comments on their draft Crypto Assets Manual for cross-border activities.

The manual is designed to provide guidance on implementing regulations regarding cross-border crypto asset transactions, including permissions and conditions applicable to these transactions.

The SARB emphasizes that the proposed measures aim to minimize regulatory arbitrage between regulated entities conducting cross-border activities and enhance the ability of the Financial Surveillance Department (FinSurv) to detect, deter, and disrupt illicit financial flows.

Comments received on the draft regulations during the public consultation process are currently being considered, but the draft manual has not yet taken these inputs into account. The SARB will track local and global developments closely to make future enhancements to the draft manual.