South Africa proposes reporting rules for cross border crypto transfers

South Africa has proposed new rules requiring cross-border crypto transfers to pass through authorized providers and be reported to the central bank, expanding the country’s effort to bring digital assets under its financial control framework. Summary South Africa has proposed rules requiring cross border crypto transfers to go through authorized service providers and be reported to the central bank. The draft says only transfers to offshore providers or private wallets would qualify as regulated cross border crypto transactions. Individuals would be allowed to move crypto offshore only within South Africa’s existing foreign currency allowances. The proposal builds on earlier plans to bring crypto under the country’s foreign exchange control framework. Public comments on the draft Crypto Asset Manual will remain open until Sept. 30. According to local media, South Africa’s National Treasury and the South African Reserve Bank (SARB) on Monday released a draft Crypto Asset Manual setting out when crypto transactions become regulated cross-border events and how they must be handled. The proposal forms part of the country’s ongoing overhaul of its capital flow rules first introduced in...