South Africa Unveils Draft Rules for Cross-Border Crypto Transactions

The South African government has released draft guidelines for cross-border cryptocurrency transactions.

The National Treasury and the South African Reserve Bank jointly published the Crypto Asset Manual, which outlines when moving crypto assets across borders becomes a regulated and reportable event.

The proposed rules aim to prevent crypto assets from being used as a backdoor around South Africa's existing financial controls and help authorities detect and disrupt illicit financial flows.

According to the draft guidelines, a cross-border transaction occurs when assets move from a local authorized Crypto Asset Service Provider to an offshore provider or into a private, non-custodial wallet.