South Africa Unveils Draft Crypto Rules to Tame Cross-Border Transfers
South Africa has proposed new rules to regulate cross-border cryptocurrency transactions in a move aimed at tightening controls on capital flow management.
The draft Crypto Asset Manual, released by the National Treasury and the South African Reserve Bank (SARB) on August 3, introduces reporting requirements for transfers involving offshore platforms and private wallets.
This framework builds on the Capital Flow Management Regulations released in April 2026 and aims to close regulatory gaps, improve financial transparency, and prevent currencies from being used to bypass South Africa's foreign exchange controls.
The proposal also includes provisions for reporting transactions that move digital assets from a locally authorized crypto asset service provider (CASP) to an offshore provider or from a domestic authorized provider to a privately controlled non-custodial wallet.