Image of various cryptocurrency coins, highlighting digital currency trends in Africa.
South Africa has released draft regulations aimed at bringing cross-border cryptocurrency transactions under stricter financial oversight. Published jointly by the National Treasury and the South African Reserve Bank (SARB), the proposed Crypto Asset Manual would require individuals transferring crypto assets abroad to use authorized Crypto Asset Service Providers, with all qualifying transactions reported to the Reserve Bank’s Financial Surveillance Department. The rules are intended to prevent cryptocurrencies from bypassing existing exchange controls and to curb illicit financial flows. Domestic crypto trading in rand through licensed providers would remain unaffected, while offshore transfers would initially be limited to individuals operating within existing foreign currency allowances. The SARB emphasized that cryptocurrencies would not gain legal tender status under the framework, adding that further research is needed before introducing asset-specific regulations. Public comments will be accepted through September 30.
CNBC Africa