South Africa Proposes New Rules For Cross-Border Crypto Transactions

South Africa’s National Treasury and the South African Reserve Bank (SARB) have published a draft Crypto Asset Manual for Cross-Border Activities for public comment, setting out proposed rules for cross-border cryptocurrency transactions and the regulation of authorised Crypto Asset Service Providers (CASPs).

The draft Crypto Manual complements the draft Capital Flow Management Regulations, published in April, and provides greater detail on how authorities intend to implement the regulations’ crypto asset provisions.

The proposed framework would establish rules for the authorisation and supervision of CASPs, define when crypto transactions are considered cross-border transactions, and introduce requirements governing the externalisation and repatriation of crypto assets. It would also impose reporting, operational, governance and compliance obligations on authorised CASPs.

Under the proposed rules, a crypto transaction would generally be considered cross-border when assets move between a South African authorised CASP and an offshore CASP, or from a domestic authorised CASP to a non-custodial wallet, resulting in a cross-border inflow or outflow. Transactions between domestic authorised CASPs would remain domestic and would not be reportable to the SARB’s Financial Surveillance Department (FinSurv).

For South African resident individuals, crypto assets could be transferred from domestic custodial wallets to offshore custodial or non-custodial wallets, subject to existing exchange-control allowances. These include the ZAR2 million single discretionary allowance and the ZAR10 million foreign capital allowance per calendar year.

The proposed framework takes a more restrictive position on resident entities. While companies could acquire and dispose of crypto assets domestically, they would not be permitted to conduct crypto transactions classified as imports or exports of capital. This would include certain transfers between South African and offshore wallets.

CASPs facilitating transactions classified as capital imports or exports would require authorisation from FinSurv and would face enhanced reporting requirements, including monitoring transactions through South African custodial wallets and maintaining systems capable of reconciling transaction data with information submitted to the regulator.

The proposals signal a further move by South African authorities to bring cross-border crypto activity within the country’s existing exchange-control and financial-surveillance framework, while creating clearer obligations for businesses operating in the crypto ecosystem.

Interested parties have until 30 September 2026 to submit written comments to the SARB. National Treasury and the SARB said both the draft CFM Regulations and the Crypto Manual remain subject to further refinement following public comments and stakeholder engagement.