South Africa proposes crypto transfer reporting rules

• South Africa proposed rules requiring certain cross-border crypto transfers to pass through authorised service providers.
• Transfers from local providers to offshore platforms or private wallets would be reported to the central bank.
• Individuals could move crypto offshore only within existing foreign currency allowances, with comments open until September 30.

South Africa proposed rules requiring certain cross-border crypto transfers to use authorised providers and be reported to the central bank.

The rules would cover transfers from local authorised providers to offshore platforms or privately controlled non-custodial wallets.

Individuals could move crypto offshore only within South Africa's existing foreign currency allowances under the draft Crypto Asset Manual.

Domestic crypto trades using South African rand through authorised local providers would not trigger the proposed cross-border reporting requirements.

The proposal builds on South Africa's April plan to bring crypto assets under its broader foreign exchange control framework.

The South African Reserve Bank does not recognise crypto as legal tender, while public comments on the draft close September 30.