South Africa Proposes Rules For Cross-Border Crypto Transfers Amid Regulatory Push

Crypto asset transactions involving cross-border transfers could see clearer classification and reporting requirements in South Africa. The country’s National Treasury and the South African Reserve Bank (SARB) have released the draft titled Crypto Asset Manual for Cross-Border Activities, which outlines the proposed approach for such transactions.

According to a media release by the National Treasury and SARB, the manual aims to provide guidance on when crypto asset transactions will be considered cross-border activities, along with the permissions, conditions and reporting requirements linked to such transactions.

Authorities have said that the proposed measures are part of efforts to strengthen oversight of cross-border financial activities and address risks associated with crypto assets. The framework will work alongside existing oversight by bodies including the Financial Sector Conduct Authority, Financial Intelligence Centre and the South African Revenue Service.

When Will Crypto Transactions be Treated as Cross-Border

The draft manual states that a crypto asset transaction will be considered as a cross-border activity 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.

Such transactions will be treated as cross-border inflows or outflows and will need to be reported to the Financial Surveillance Department (FinSurv). According to the National Treasury and SARB, individuals will, at this stage, be allowed to externalise crypto assets through authorised CASPs under their existing single discretionary allowance or foreign capital allowance.

How Will Different Crypto Transactions Be Classified

The draft manual explains how crypto transactions will be classified based on whether they involve domestic or offshore platforms. Buying crypto assets with rand (South Africa’s official currency) through a domestic authorised CASP and transferring crypto assets between two domestic authorised CASPs will be treated as domestic transactions and will not require reporting to FinSurv.

On the other hand, transfers from a domestic authorised CASP to an offshore CASP or a non-custodial wallet will be classified as an export of capital and reported as an outward flow. Similarly, transfers from an offshore CASP to a domestic authorised CASP will be classified as an import of capital and reported as an inward flow.

The draft manual also outlines the classification and reporting requirements for other transactions, including those involving non-residents.

Crypto Assets Not treated as Official Currency

The National Treasury and SARB said that the proposed framework does not currently differentiate between different types of crypto assets and does not give crypto assets the status of an official currency in South Africa.

Authorities added that research and consultations on other areas related to crypto assets are still underway. Public comments on the draft framework can be submitted until September 30, 2026.