South Africa Proposes Rules for Cross-Border Crypto Transfers

The South African National Treasury and the South African Reserve Bank (SARB) have released a draft manual outlining proposed rules for cross-border crypto transfers. The Crypto Asset Manual for Cross-Border Activities aims to provide guidance on when crypto asset transactions are considered cross-border activities, along with permissions, conditions, and reporting requirements.

Under the proposed framework, crypto transactions will be treated as cross-border inflows or outflows if they involve a transfer between a domestic authorised Crypto Asset Service Provider (CASP) and an offshore CASP, or from a domestic authorised CASP to a non-custodial wallet. These transactions will require reporting to the Financial Surveillance Department (FinSurv).

The draft manual also explains how crypto transactions will be classified based on whether they involve domestic or offshore platforms. Buying crypto assets with rand through a domestic authorised CASP and transferring them between two domestic authorised CASPs will be treated as domestic transactions, while transfers from a domestic authorised CASP to an offshore CASP or a non-custodial wallet will be classified as an export of capital.

The proposed framework does not currently differentiate between different types of crypto assets and does not give crypto assets the status of an official currency in South Africa. Public comments on the draft framework can be submitted until September 30, 2026.