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3 August 2026
This follows the publication of the draft Capital Flow Management Regulations, 2026 (draft Regulations) for public comment on 17 April 2026 and the joint media statement by National Treasury and the SARB on 15 May 2026, which addressed, among other matters, public concerns regarding the treatment, possession and trading of crypto assets, including the potential regulation of cross-border crypto asset transactions. The joint statement further indicated that a separate cross-border crypto asset framework, in the form of a draft Manual, would be released for public comment to complement the draft Regulations.
The draft Manual should be read together with the draft Regulations as part of a broader effort to strengthen the oversight of cross-border financial activities and to address emerging risks associated with crypto assets. The proposed regulatory measures seek to minimise the risk of regulatory arbitrage between regulated entities conducting cross-border activities, and to enhance the ability of the Financial Surveillance Department (FinSurv) to detect, deter and disrupt illicit financial flows. These measures will complement the existing regulatory oversight of crypto asset activities by the Financial Sector Conduct Authority, Financial Intelligence Centre and South African Revenue Service.
The draft Manual provides practical guidance on the implementation of the draft Regulations regarding cross-border crypto asset transactions, in particular the application and adjudication process to conduct the business of an Authorised Crypto Asset Service Provider (CASP), the permissions and conditions applicable to cross-border crypto asset transactions, details of related administrative responsibilities, and reporting requirements to FinSurv.
National Treasury and the SARB wish to emphasise that comments received on the draft Regulations during the public consultation process are currently being considered. Due to the release timing and the volume of the comments, this draft Manual has not yet taken into consideration the inputs already submitted in relation to the draft Regulations. The draft Regulations and draft Manual remain subject to refinement following the consideration of all public comments and stakeholder engagements.
The draft Manual provides clarity on the point at which crypto asset transactions are regarded as cross-border in terms of the draft Regulations. The trigger point arises when crypto assets are transferred between a domestic Authorised CASP and an offshore CASP, or from a domestic Authorised CASP to a non-custodial wallet, resulting in a cross-border inflow or outflow that must be reported to FinSurv.
The above means that only individuals, at this stage, will be allowed to externalise crypto assets via Authorised CASPs in terms of their single discretionary allowance or foreign capital allowance.
Providing the trigger point ensures that crypto asset transactions giving rise to cross-border flows are consistently identified, appropriately reported and effectively monitored. The SARB has adopted an activity-based approach following research, testing and assessments of the benefits and risks.
It is important to note that, at this stage, this proposed approach neither distinguishes between different types of crypto assets, nor does it declare crypto assets an official currency in South Africa. The SARB is still undertaking research and consultations on other various aspects of crypto assets, and both local and global developments will be tracked closely to make appropriate future enhancements to the draft Manual.
Table 1 (attached) indicates how different crypto asset transactions will be treated, including whether they must be reported to FinSurv.
Interested parties are invited to submit written comments on the draft Manual to SARB-FinSurvDocuments@resbank.co.za by close of business on 30 September 2026 in the format prescribed in Annexure A.
