South Africa Seeks Public Input on Draft Crypto Assets Manual

The South African National Treasury and the South African Reserve Bank (SARB) have issued a draft Crypto Assets Manual for cross-border activities, inviting interested parties to submit written comments.

The draft Manual is intended to complement the existing regulatory oversight of crypto asset activities by the Financial Sector Conduct Authority, Financial Intelligence Centre, and South African Revenue Service.

According to the joint statement, the proposed regulatory measures aim to minimise the risk of regulatory arbitrage between regulated entities conducting cross-border activities and to enhance the ability of FinSurv to detect, deter, and disrupt illicit financial flows.

The SARB has adopted an activity-based approach in developing the draft Manual, which provides practical guidance on the implementation of the draft Regulations regarding cross-border crypto asset transactions.