South Africa Proposes Stricter Rules for Cross-Border Crypto Transfers

South Africa's National Treasury and Reserve Bank have released a draft Crypto Asset Manual that proposes new rules for cross-border crypto transfers. The manual requires such transactions to be channeled through authorized providers and reported to the central bank, marking an expansion of the country's effort to regulate digital assets.

The proposal builds on earlier plans to bring crypto under South Africa's foreign exchange control framework. According to the draft, only cross-border transfers to offshore providers or private wallets qualify as regulated transactions. Individuals can move crypto offshore within their existing foreign currency allowances.

Public comments on the draft will remain open until September 30th. The National Treasury and Reserve Bank released the manual as part of an ongoing overhaul of capital flow rules, which was first introduced in April this year.