SARB's draft manual would require reporting on crypto moves across borders for a market of 6 million South African holders. Public review is open.
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The South African Reserve Bank (SARB) and the National Treasury have opened a draft Crypto Assets Manual for public review. The manual sets out when a cross-border crypto transfer must be reported to the Reserve Bank's Financial Surveillance Department (FinSurv). The stated purpose is to fill gaps in how cross-border cryptocurrency transactions are monitored.
The draft does not legalize cryptocurrency or make it official money. The aim is to stop digital assets from becoming a channel for illegal financial flows and capital flight. The manual would supplement existing supervision by the South African Revenue Service and the Financial Intelligence Centre, and it would add to the Financial Sector Conduct Authority's current oversight. FinSurv would gain visibility into cross-border crypto flows.
The reporting test is activity-based. A transfer becomes reportable when crypto moves from a domestically authorized Crypto Asset Service Provider (CASP) to a non-custodial wallet, or between a South African CASP and an offshore CASP, and the move creates a cross-border inflow or outflow. SARB is concentrating on transactions that move capital into or out of South Africa rather than monitoring every crypto trade. The manual does not distinguish between types of crypto assets, so a Bitcoin transfer and a stablecoin transfer face the same test.
The trigger list is not limited to exchange-to-exchange moves. A transfer from a local CASP to a non-custodial wallet can count as a reportable event when the flow crosses the border. Self-custody wallets enter the reporting line in that specific case. A domestic transfer that stays inside South Africa would not draw the same reporting burden.
The proposal supplements the draft Capital Flow Management Regulations, 2026, published in April. Pierre Rochard, then vice president of research at mining company Riot Platforms, criticized the earlier version, calling it "a horrible Bitcoin policy" and saying South Africa should go "in the opposite direction and make Bitcoin tax-exempt." Riot Platforms carries an Alpha Score of 61 out of 100, a Moderate label on AlphaScala's risk scale.
The reporting push follows rising crypto adoption in South Africa. An estimated 6 million people, 9.44% of the population, own digital assets. Bitcoin (BTC) is the most widely held asset, at 79%. XRP comes next, then Ethereum (ETH) and Tether (USDT). A further 63% of current owners intend to raise their crypto holdings.
The draft says the aim is to track international crypto flows and trim needless reporting for purely domestic activity. Public review of the draft manual is open now.
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