A draft version of the Crypto Assets Manual for cross-border activities has been made available for public review by the South African Reserve Bank (SARB) and the South African National Treasury.

The main goal of this handbook is to fill regulatory gaps pertaining to cross-border cryptocurrency transactions.

Notably, the draft does not legalize or promote cryptocurrency as money. Instead, it ensures that digital assets don’t serve as a conduit for illegal financial flows, capital flight, or regulatory arbitrage.

What do South Africa’s crypto rules cover?

That said, the proposed framework would supplement current supervision by the South African Revenue Service (SARS), the Financial Intelligence Centre (FIC), and the Financial…