South Africa Brings Crypto Under Cross-Border Capital Rules

South Africa's National Treasury and the South African Reserve Bank published draft Capital Flow Management Regulations on April 17 that, for the first time, place crypto assets inside the country's framework for cross-border money movement. The draft rules replace the Exchange Control Regulations of 1961.

The move follows a 2025 High Court ruling in Standard Bank v SARB that crypto assets did not fall under the existing legal definition of capital requiring approval for cross-border transactions. The court left crypto in a regulatory gap that the old exchange control framework did not cover.

Finance Minister Enoch Godongwana flagged the coming changes in his Budget Speech on February 25, calling for a framework that could keep pace with how people use cryptocurrency today. The draft regulations are the follow-through on that commitment.

Cross-border crypto transactions will now face the same oversight regime that applies to traditional financial instruments and foreign currency movements. A separate draft Crypto Assets Manual focused on cross-border activities is also due, with more granular compliance guidance for market participants.