South Africa Pushes Forward With Draft Regulations for Overseas Crypto Payments

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South Africa is taking further steps toward regulating cryptocurrency movements across borders, with proposed rules requiring greater oversight of international digital asset transfers.

The National Treasury and the South African Reserve Bank (SARB) unveiled a draft framework on Monday that would require individuals and businesses sending crypto offshore to use approved service providers and report those transactions to the central bank’s Financial Surveillance Department (FinSurv).

According to the two institutions, the proposed measures are designed to reduce regulatory gaps between supervised entities involved in cross-border activity and enhance FinSurv’s ability to identify, prevent, and disrupt illegal financial flows.

The draft rules would not classify cryptocurrencies as legal tender and would apply without creating separate categories for different digital assets.

The authorities are now inviting public input on the framework, with comments accepted until September 30.

The proposal builds on earlier crypto-related regulatory plans released by the National Treasury in April. Those measures included potential requirements for crypto holders to declare holdings above a specified threshold and provide private keys to enforcement authorities when legally requested.

South Africa’s latest regulatory effort reflects a broader international trend toward formalizing crypto oversight. Regulators around the world are working to create frameworks that address financial crime risks and protect market participants while allowing blockchain-based innovation to continue developing. This has led to a fragmented global regulatory landscape with different approaches across jurisdictions.