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The National Treasury and SARB invite comments
05 August 2026 South Africa
Image: eunikas/stock.adobe.com
The National Treasury and the South African Reserve Bank (SARB) have invited parties to submit written comments on the draft Crypto Assets Manual for cross-border activities, following the draft Capital Flow Management Regulations, 2026, being made available for public comment on 17 April 2026.
The announcement follows the joint media statement made by the National Treasury and SARB on 15 May 2026, which outlined plans for a standalone cross-border crypto framework to complement the draft regulations.
According to the authorities, the draft manual provides guidance on the implementation of the draft regulations, with a focus on the application and adjudication process for the business of an Authorised Crypto Asset Service Provider (CASP); conditions for cross-border transactions; details of related administrative procedures; and the Financial Surveillance Department (FinSurv) reporting requirements.
The proposed regulatory measures are designed to minimise the risk of regulatory arbitrage between authorised entities performing cross-border activities, and improve FinSurv’s ability to detect, deter, and disrupt illicit activities.
The authorities say that the draft manual and regulations should be read together as part of a broader effort to strengthen the oversight of cross-border financial activities and to address “emerging risks associated with crypto assets”.
Under the draft manual, a cross-border transaction is triggered when crypto assets are transferred between a domestically authorised CASP and an offshore one, or to a non-custodial wallet.
At this stage, only individuals are eligible to externalise crypto assets via authorised CASPs within their single discretionary or foreign capital allowance.
The SARB says it has adopted an “activity-based approach”, following its research, testing, and assessments of the benefits and risks of the trigger point, and it currently does not distinguish between different types of crypto assets, nor does it declare them an official currency in South Africa.
The bank is also continuing research and consultations on other aspects of crypto assets, with local and global developments set to be tracked closely for future appropriate modifications to the draft manual.
The announcement follows the joint media statement made by the National Treasury and SARB on 15 May 2026, which outlined plans for a standalone cross-border crypto framework to complement the draft regulations.
According to the authorities, the draft manual provides guidance on the implementation of the draft regulations, with a focus on the application and adjudication process for the business of an Authorised Crypto Asset Service Provider (CASP); conditions for cross-border transactions; details of related administrative procedures; and the Financial Surveillance Department (FinSurv) reporting requirements.
The proposed regulatory measures are designed to minimise the risk of regulatory arbitrage between authorised entities performing cross-border activities, and improve FinSurv’s ability to detect, deter, and disrupt illicit activities.
The authorities say that the draft manual and regulations should be read together as part of a broader effort to strengthen the oversight of cross-border financial activities and to address “emerging risks associated with crypto assets”.
Under the draft manual, a cross-border transaction is triggered when crypto assets are transferred between a domestically authorised CASP and an offshore one, or to a non-custodial wallet.
At this stage, only individuals are eligible to externalise crypto assets via authorised CASPs within their single discretionary or foreign capital allowance.
The SARB says it has adopted an “activity-based approach”, following its research, testing, and assessments of the benefits and risks of the trigger point, and it currently does not distinguish between different types of crypto assets, nor does it declare them an official currency in South Africa.
The bank is also continuing research and consultations on other aspects of crypto assets, with local and global developments set to be tracked closely for future appropriate modifications to the draft manual.
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