South Africa proposes reporting rules for cross border crypto transfers
South Africa has proposed new rules requiring cross-border crypto transfers to pass through authorized providers and be reported to the central bank, expanding the countrys effort to bring digital assets under its financial control framework. According to local media, South Africa‘s National Treasury and the South African Reserve Bank (SARB) on Monday released a draft Crypto Asset Manual setting out when crypto transactions become regulated cross-border events and how they must be handled. The proposal forms part of the country’s ongoing overhaul of its capital flow rules first introduced in April. South Africa has defined when crypto transfers become reportable Under the draft, moving crypto offshore will only qualify as a cross-border transaction in specific situations. A report to the SARBs Financial Surveillance Department (FinSurv) would be required when crypto assets move from a locally authorized Crypto Asset Service Provider (CASP) to an offshore CASP or into a privately controlled non-custodial wallet. The proposal says people who wish to transfer crypto abroad would have to use an authorized provider instead of sending assets directly through unregulated channels. FinSurv would receive reports of those transactions as part of the countrys foreign exchange monitoring process. Domestic crypto activity would remain outside those reporting requirements. Buying or selling
