South Africa Moves Toward New Rules for Cross-Border Crypto Transfers

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South Africa’s Treasury and central bank are taking steps toward establishing clearer rules for cryptocurrency-based cross-border transactions.

The National Treasury and the South African Reserve Bank (SARB) released a draft regulatory framework on Monday proposing that offshore crypto transfers must be processed through approved service providers and reported to the central bank’s Financial Surveillance Department (FinSurv).

According to a joint statement from the two institutions, the proposed measures are designed to reduce regulatory gaps between regulated firms involved in international transactions and strengthen FinSurv’s ability to identify, prevent, and disrupt unlawful financial flows.

The proposed framework would not recognize cryptocurrencies as legal tender and would apply broadly without separating rules based on specific types of digital assets.

Authorities are now seeking public feedback on the draft regulations, with submissions open until September 30.

The new proposals expand on earlier regulatory plans introduced by the National Treasury in April. Those measures included requirements for crypto users to disclose assets above a specified threshold and allow enforcement authorities to request access to private keys when necessary.

South Africa’s move reflects a wider global trend toward stricter oversight of crypto activity across borders. Regulators worldwide are working to balance consumer protection and financial stability with the need to encourage digital asset innovation, resulting in a growing but fragmented international regulatory landscape.