Crypto Assets Manual for cross-border activities (draft Manual)

South Africa currently has laws that control how money moves in and out of the country — these are broadly called capital flow management rules. The Financial Surveillance Department (FinSurv), which sits inside the South African Reserve Bank (SARB), is responsible for monitoring cross-border financial flows. Other bodies like the Financial Sector Conduct Authority (FSCA), the Financial Intelligence Centre (FIC), and the South African Revenue Service (SARS) also already have some oversight roles when it comes to crypto assets.

However, crypto assets — think Bitcoin, Ethereum, and similar digital currencies — have grown significantly and can move across borders in ways that are harder to track than traditional bank transfers. This created a gap: the existing rules were not designed with crypto in mind, meaning there was no clear, consistent framework to identify when a crypto transaction counted as a cross-border flow, who needed to report it, and to whom. There was also a risk of 'regulatory arbitrage', meaning that some players could exploit differences between rules for traditional financial institutions and rules for crypto businesses to avoid oversight.

Earlier in 2026, National Treasury and the SARB published draft Capital Flow Management Regulations (draft Regulations) for public comment on 17 April 2026, and issued a joint media statement on 15 May 2026 to address public concerns about how crypto assets would be treated, possessed, and traded. At that time, they promised a separate practical guide — the draft Manual — would follow to explain how those Regulations would actually work on the ground.

Ordinary South Africans who own, trade, or move crypto assets across borders will be directly affected. Under the proposed framework, individuals will be allowed to move crypto assets out of South Africa, but only through an Authorised Crypto Asset Service Provider (CASP) — a crypto business that has been officially approved to operate. Individuals can only do this within the limits of their single discretionary allowance or foreign capital allowance, which are existing limits that South Africans already use for sending money abroad.

Crypto Asset Service Providers — the exchanges and platforms that allow South Africans to buy, sell, and transfer crypto — will be heavily affected. Those wanting to facilitate cross-border crypto transactions will need to apply to become an Authorised CASP, comply with specific conditions, and report cross-border flows to FinSurv. Businesses that are not authorised will not be permitted to handle these cross-border transactions.

The broader financial sector, including banks and other regulated financial institutions, will also be affected indirectly, since the rules aim to level the playing field and prevent crypto businesses from operating under lighter rules than traditional finance. Regulators like the FSCA, FIC, and SARS will see their existing oversight work complemented — rather than replaced — by these new measures.

The draft Manual is a practical guidance document that sits alongside the draft Capital Flow Management Regulations, 2026. Together, they form a broader framework to regulate cross-border crypto asset activity in South Africa.

The Manual establishes a clear 'trigger point' — the moment at which a crypto transaction is considered cross-border and therefore subject to these rules. That trigger is activated when crypto assets move between a domestic Authorised CASP and an offshore (foreign) CASP, or when crypto assets move from a domestic Authorised CASP to a non-custodial wallet (a private digital wallet not held by a company on your behalf). When either of these things happens, it creates a cross-border inflow or outflow that must be reported to FinSurv.

The Manual also sets out the application and adjudication process for becoming an Authorised CASP — in other words, how a crypto business applies for permission to conduct cross-border crypto transactions and how that application is assessed. It details the permissions and conditions that apply once a CASP is authorised, the administrative responsibilities that come with that status, and exactly what reporting must be done and how.

At this stage, only individuals — not companies or other entities — will be allowed to move crypto assets out of the country through Authorised CASPs, and only within their existing single discretionary allowance or foreign capital allowance limits.

Importantly, the SARB has taken what it calls an 'activity-based approach', meaning the rules focus on what is being done with crypto rather than distinguishing between different types of crypto assets. The SARB has also made clear that these proposals do not make crypto assets an official currency in South Africa — that question remains open and under separate research. Both the Regulations and the Manual remain drafts and can still change after all public comments and stakeholder engagements have been considered.

For ordinary South Africans who use crypto, these rules bring both structure and new responsibilities. If you want to send crypto abroad — for example, to an international exchange or into your own private wallet — you will need to do it through an officially authorised South African crypto platform. You also cannot move unlimited amounts; your transfers will count against the same allowances you use when sending rands abroad. This means the government will now have much better visibility into how crypto is being used to move value across South Africa's borders.

For South Africa as a whole, this matters because illicit financial flows — money being moved out of the country illegally, used for tax evasion, fraud, or worse — are a serious problem. Crypto has sometimes been used to get around traditional financial monitoring. These rules are designed to make that significantly harder, which protects the country's tax base and financial system.

South Africa has also faced international scrutiny over its ability to monitor and control financial crime. By creating a proper framework for crypto oversight that works alongside existing regulators, the country signals that it is taking this seriously — which can have positive effects on South Africa's standing in global financial systems.

For people and businesses in the crypto industry, the rules create legal certainty: there will now be a clear, official process to become an authorised provider, and clear rules about what is and isn't allowed. That clarity, while it adds compliance costs, can also make the industry more trustworthy and sustainable in the long run.

If you have views on these proposals, you can email your comments to SARB-FinSurvDocuments@resbank.co.za by no later than 30 September 2026, using the format set out in Annexure A of the draft Manual.