New proposals require authorized processing and reporting for crypto transfers to offshore platforms or non-custodial wallets under foreign-exchange rules.
South Africa’s National Treasury and Reserve Bank have released draft regulations requiring crypto transfers to offshore platforms or non-custodial wallets to be treated as cross-border transactions. The rules mandate authorized processing and reporting for such transfers, while individuals remain subject to existing foreign-exchange allowances.
The proposals mark the first formal framework for crypto transfers in the country, aligning them with traditional cross-border financial regulations. Public comments on the draft are open until September 30, with no prior comparable rules in place for crypto transactions.
The move aims to enhance oversight of digital asset flows, though no immediate market reaction has been reported.