South Africa drafts rules to regulate cross‑border crypto transfers

South Africa's National Treasury and the South African Reserve Bank have released a draft Crypto Asset Manual that would require all cross‑border crypto transfers to be processed through authorized service providers and reported to the central bank's Financial Surveillance Department. Individuals could move crypto offshore only within existing foreign‑currency allowances, while domestic crypto activity would remain unregulated.

The proposal bars resident companies from importing or exporting crypto assets, labeling such transactions as “non‑permissible.” Companies may still buy, hold, and sell crypto locally, but any transfer to an offshore provider or private wallet would be prohibited. The draft, part of a broader overhaul of capital‑flow rules, is open for public comment until 30 September and has no legal effect until final regulations are promulgated.