South Africa Proposes Cross-Border Crypto Transfer Reporting Rules

South Africa's National Treasury and South African Reserve Bank have proposed new rules for cross-border cryptocurrency transfers. The draft framework, which is open for public comment until September 30, would classify certain crypto transactions as cross-border deals for the first time.

According to the proposal, local crypto service providers transferring funds to offshore exchanges or non-custodial wallets would require authorized processing and reporting. This contrasts with individual users who can continue operating under existing foreign exchange allowance rules.