South Africa Proposes New Rules for Cross-Border Crypto Transfers

South Africa's National Treasury and Reserve Bank have released a draft framework proposing new rules for cross-border cryptocurrency transfers. According to the proposal, certain cryptocurrency transfers from local service providers to offshore exchanges or non-custodial wallets would require authorized processing and reporting.

Individual users would continue to operate under existing foreign exchange allowance rules. The public has until September 30 to submit comments on the proposed framework.