South Africa Proposes Rules for Cross-Border Crypto Transfers

The National Treasury and South African Reserve Bank have proposed new reporting rules for certain cryptocurrency transfers in South Africa. The draft framework classifies cross-border transactions, specifically transfers from local crypto service providers to offshore exchanges or non-custodial wallets, as requiring authorised processing and reporting.

Individual users will continue to operate under existing foreign exchange allowance rules. Public comments on the proposal are open until September 30.