New rules and regulations for crypto coming to South Africa
The National Treasury and the South African Reserve Bank (SARB) have opened the draft Crypto Assets Manual for cross-border activities for public comment.
The comment period follows the publication of the draft Capital Flow Management Regulations, which were published in April and drew widespread criticism from stakeholders.
Those regulations addressed the treatment, possession and trading of crypto assets, including the potential regulation of cross-border crypto asset transactions.
Experts warned that it was a move by the state to criminalise cross-border crypto trades, while infringing on privacy and private ownership. Treasury later denied that this was the intent.
At the time, the Treasury indicated that a separate cross-border crypto asset framework would follow. This has now been published for comment.
Treasury said the latest draft regulations should be read alongside the earlier publication as part of a broader effort to strengthen the oversight of cross-border financial activities and address emerging risks associated with crypto assets.
“The proposed regulatory measures seek to minimise the risk of regulatory arbitrage between regulated
entities conducting cross-border activities, and to enhance the ability of the Financial Surveillance
Department to detect, deter and disrupt illicit financial flows,” it said.
These measures will complement the existing regulatory oversight of crypto asset activities by the Financial Sector Conduct Authority, Financial Intelligence Centre and South African Revenue Service, it added.
The publication provides practical guidance on implementing the draft Regulations on cross-border crypto asset transactions.
The National Treasury and SARB said that the latest publication does not take into account feedback from the previous consultation period, which saw numerous complaints and criticisms.
They said the feedback was currently being considered but was not yet reflected in the latest draft regulations.
The authorities added that the drafts remain subject to “refinement” following the consideration of all public comments and stakeholder engagements.
Coming after crypto
The draft manual provides clarity on the point at which crypto asset transactions are regarded as cross-border in terms of the draft regulations.
The trigger point arises when crypto assets are transferred between a domestic Authorised Crypto Asset Service Provider (CASP) and an offshore CASP, or from a domestic Authorised CASP to a non-custodial
wallet, resulting in a cross-border inflow or outflow that must be reported.
This means that only individuals, at this stage, will be allowed to externalise crypto assets via Authorised CASPs in terms of their single discretionary allowance or foreign capital allowance, Treasury said.
“Providing the trigger point ensures that crypto asset transactions giving rise to cross-border flows are consistently identified, appropriately reported and effectively monitored,” it said.
The SARB has adopted an activity-based approach following research, testing and assessments of the benefits and risks.
“It is important to note that, at this stage, this proposed approach neither distinguishes between different types of crypto assets, nor does it declare crypto assets an official currency in South Africa,” the Treasury noted.
“The SARB is still undertaking research and consultations on other various aspects of crypto assets, and both local and global developments will be tracked closely to make appropriate future enhancements to the draft manual.”
The table below indicates how different crypto asset transactions will be treated, including whether they must be reported.
The full document can be found below.
Interested parties are invited to submit written comments on the draft Manual to [email protected] by the close of business on 30 September 2026.
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