Draft manual sets reporting rules for cross-border crypto flows
National Treasury and the South African Reserve Bank have published a draft manual establishing rules for cross-border crypto asset transfers. The framework introduces mandatory reporting to the Financial Surveillance Department and limits offshore transfers to individuals.
Tracing transfers to non-custodial wallets
The South African Reserve Bank (SARB) and National Treasury released the draft Crypto Assets Manual to regulate cross-border financial flows and prevent regulatory arbitrage.
The document defines cross-border trigger points as transfers between a domestic Authorised Crypto Asset Service Provider (CASP) and an offshore CASP, or to a non-custodial wallet.
All resulting inflows and outflows must be reported to the Financial Surveillance Department (FinSurv).
Currently, only individuals can externalise crypto assets through Authorised CASPs using their single discretionary or foreign capital allowances.
The SARB adopted an activity-based approach that applies equally across all token types without declaring crypto assets official currency.
Alignment with capital flow regulations
The manual complements the draft Capital Flow Management Regulations published in April 2026 following public feedback on crypto trading.
It establishes application and adjudication procedures for Authorised CASPs alongside reporting duties and administrative rules.
FinSurv will coordinate oversight with the Financial Sector Conduct Authority, Financial Intelligence Centre, and revenue authorities.
Public comments on the draft manual remain open until September 30, 2026.
Necessary friction, incomplete vision
Tightening oversight on non-custodial wallets is a practical move to limit capital flight from South Africa. Yet restricting corporate participation while ignoring distinctions between crypto asset types creates friction for legitimate innovation.
South Africa needs a comprehensive long-term policy rather than incremental transaction caps.