pc
nid 94386
Aug 03, 2026
pthandapani@vixio.com
South Africa
South African Reserve Bank
financial services
86% of draft length
draft in Generated
Generated
2153 charsSouth African Reserve Bank Publishes Draft Crypto Assets Manual for Cross-Border Activities
On August 3, 2026, the South African Reserve Bank (SARB) and National Treasury jointly released a draft Crypto Assets Manual for cross-border activities (draft Manual) for public consultation. The draft Manual complements the draft Capital Flow Management Regulations, 2026, which the authorities published for public comment on April 17, 2026.
The draft Manual provides practical guidance on implementing regulations regarding cross-border crypto asset transactions. It addresses the application and adjudication process for Authorised Crypto Asset Service Providers (CASPs), permissions and conditions applicable to cross-border crypto asset transactions, administrative responsibilities, and reporting requirements to the Financial Surveillance Department (FinSurv). The SARB adopted an activity-based approach to identify when crypto asset transactions trigger cross-border reporting obligations. The trigger point arises when crypto assets are transferred between a domestic Authorised CASP and an offshore CASP, or from a domestic Authorised CASP to a non-custodial wallet. At this stage, only individuals will be permitted to externalise crypto assets via Authorised CASPs in terms of their single discretionary allowance or foreign capital allowance.
The proposed regulatory measures aim to minimise regulatory arbitrage between entities conducting cross-border activities and enhance FinSurv's ability to detect, deter and disrupt illicit financial flows. These measures complement existing regulatory oversight by the Financial Sector Conduct Authority, Financial Intelligence Centre and South African Revenue Service. The SARB emphasised that the draft Manual has not yet incorporated comments received during the public consultation on the draft Regulations due to timing and volume considerations. Both documents remain subject to refinement following consideration of all public comments and stakeholder engagement.
The comment period closes on September 30, 2026, at close of business. Interested parties must submit written comments to SARB-FinSurvDocuments@resbank.co.za in the format prescribed in Annexure A of the joint statement.
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1859 charsSouth African Reserve Bank Publishes Draft Crypto Assets Manual for Cross-Border Activities
On August 3, 2026, the South African Reserve Bank (SARB) issued the draft "Crypto Asset Manual for cross-border activities" to govern the operations of Authorised Crypto Asset Service Providers (CASPs).
The issued draft manual contains:
Regulations prescribing the classification of Authorised CASPs into three categories, covering the facilitation of specific remittance transactions subject to limits like ZAR5,000 (US$302) per day and ZAR25,000 (US$1,510) per month, the offering of South African custodial wallets for cross-border transactions, or a combination of both services.
Specific rules mandating strict capital requirements, dictating that an Authorised CASP must continuously maintain a minimum unimpaired capital amount equal to the higher of ZAR5m (US$302,000) or 15% of its average positive annual gross income from the preceding three years.
Administrative measures detailing the rigorous application and adjudication process, which requires prospective CASPs to submit comprehensive business plans, Risk Management and Compliance Programmes, and undergo 'fit and proper' assessments for key personnel.
Provisions outlining individual transfer limits, permitting resident individuals to transfer crypto assets abroad within a single discretionary allowance of ZAR2m (US$120,800) per calendar year, or up to a foreign capital allowance of ZAR10m (US$604,000) per calendar year subject to a verified Tax Compliance Status (TCS).
Directives establishing stringent data and reporting frameworks, requiring CASPs to use the FinSurv Reporting System for all cross-border transactions and imposing rigid conditions for offshoring and cloud computing, such as explicitly prohibiting data storage in sanctioned jurisdictions.
Feedback on the draft manual may be submitted via email to SARB-FinSurvDocuments@resbank.co.za by September 30, 2026.