Proposed rules require cross-border crypto transactions to use authorized providers and be reported to the central bank by September 30.
South African lawmakers have proposed draft regulations requiring cross-border cryptocurrency transactions to be conducted through authorized providers and reported to the central bank’s Financial Surveillance Department (FinSurv). The rules aim to curb illicit financial flows and regulatory arbitrage, according to a joint statement from the National Treasury and the South African Reserve Bank (SARB).
The draft framework does not classify crypto as legal tender but seeks to enhance oversight of offshore transfers. Stakeholders have until September 30 to submit comments on the proposed measures. The move follows growing global scrutiny of crypto-related transactions and their potential risks to financial stability.
The proposal aligns with broader efforts to strengthen anti-money laundering and counter-terrorism financing measures in South Africa’s financial system. No immediate market reaction was reported.