Draft Crypto Assets Manual released for cross-border activity regulation

Posted 03 August 2026 Written by Acts Online
Category Exchange Control

Brought to you by SAnews: National Treasury and the South African Reserve Bank (SARB) have invited public comments on the draft Crypto Assets Manual for cross-border activities (draft Manual), which provides operational rules for cross-border crypto transactions under the draft Capital Flow Management Regulations, 2026.

Regulatory framework and cross-border trigger points

The draft Manual operates in conjunction with the draft Capital Flow Management Regulations, 2026, published on 17 April 2026, and follows the joint Treasury and SARB policy update issued on 15 May 2026. The proposed regulatory structure aims to reduce regulatory arbitrage between supervised entities and enhance the capacity of the Financial Surveillance Department (FinSurv) to detect and disrupt illicit financial flows. The rules complement existing oversight by the Financial Sector Conduct Authority (FSCA), the Financial Intelligence Centre (FIC), and the South African Revenue Service (SARS).

Under the draft Manual, a cross-border transaction trigger point is established whenever crypto assets are transferred between:

  • A domestic Authorised Crypto Asset Service Provider (Authorised CASP) and an offshore CASP; or
  • A domestic Authorised CASP and a non-custodial wallet, resulting in a cross-border inflow or outflow requiring mandatory reporting to FinSurv.

Permissions, allowances, and Authorised CASP obligations

Under the proposed framework, cross-border externalisation of crypto assets is restricted to natural persons operating via Authorised CASPs within established exchange control limits, namely:

  • The Single Discretionary Allowance (SDA) of R1 million per calendar year; or
  • The Foreign Capital Allowance (FCA) of R10 million per calendar year, subject to tax compliance verification from SARS.

The SARB has implemented an activity-based approach that does not differentiate between specific categories of crypto assets, nor does it grant crypto assets legal tender status in South Africa. The draft Manual sets out the application and adjudication criteria for obtaining Authorised CASP status, administrative compliance duties, and standard reporting mechanisms to FinSurv.

What this means for you, your business, or your clients

  • For yourself: Ensure your personal cross-border transfers from local exchanges to foreign platforms or non-custodial wallets are executed through an Authorised CASP and remain strictly within your annual R1 million SDA or approved R10 million FCA limit.
  • For your business: Crypto asset service providers must prepare compliance infrastructure for Authorised CASP licensing requirements, transaction tracking protocols, and real-time reporting of all cross-border inflows and outflows to FinSurv.
  • For your clients: Advise corporate clients that business entities are currently prohibited from externalising crypto assets under this manual, and assist individual clients with tax clearance compliance prior to utilising their FCA for high-value offshore transfers.

Originally published at https://www.sanews.gov.za/south-africa/have-your-say-draft-crypto-assets-manual-cross-border-activities

The views expressed herein are those of the author and do not necessarily reflect those of Acts Online. Acts Online accepts no responsibility for the accuracy, completeness or fairness of the article, nor does the information contained herein constitute advice, legal or otherwise.