South Africa’s Reserve Bank (SARB) and National Treasury have released a draft Crypto Assets Manual to fill regulatory gaps concerning cross-border cryptocurrency transactions. This activity-based framework requires reporting to FinSurv whenever cryptocurrency transfers cross South Africa’s borders, including movements between domestic authorized crypto asset service providers and non-custodial wallets or offshore providers. The proposal does not legalize cryptocurrency as official currency and distinguishes domestic from cross-border flows to reduce unnecessary domestic reporting. South Africa has approximately 6 million cryptocurrency owners, representing 9.44% of the population, with 79% holding Bitcoin and 63% planning to increase their holdings.
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