National Treasury and the South African Reserve Bank (SARB) published a draft Crypto Assets Manual on Monday. It’s still at the comment stage, not yet in force, but it sets the trigger point for when moving crypto across South Africa’s border becomes a regulated, reportable event. Under the draft Manual, that trigger is a transfer between a domestic Authorised Crypto Asset Service Provider (CASP) and an offshore CASP, or from a domestic Authorised CASP to a non-custodial wallet. Either path counts as a reportable inflow or outflow.
The rule targets individuals, not companies for now
Under the draft Manual, only individuals, not companies or other entities, will be permitted to externalise crypto assets, and only through an Authorised CASP, drawing on their existing single discretionary allowance or foreign capital allowance. The reporting obligation itself sits with the CASP, which answers to SARB’s Financial Surveillance Department (FinSurv), not the individual directly.
This builds directly on April’s capital-flow overhaul
The Manual isn’t a standalone document. Treasury and SARB have said it should be read alongside the draft Capital Flow Management Regulations published in April, which are working to replace South Africa’s 1961-era Exchange Control Regulations entirely. This Manual is the cross-border implementation detail for that broader rulebook, not a separate track.
How we got here
- 25 February 2026 — Finance Minister Enoch Godongwana’s Budget Speech first flagged plans to bring crypto into the capital-flow management regime.
- 17 April 2026 — Treasury published the draft Capital Flow Management Regulations, proposing to replace the 1961 Exchange Control Regulations.
- 1 June 2026 — A Johannesburg High Court ruling found Bitcoin counts as “capital” under existing exchange control law.
- 3 August 2026 — Treasury and SARB published the draft Crypto Assets Manual detailed above.
Related developments to watch
This isn’t the only crypto-specific rulemaking moving through South African institutions right now. The South African Revenue Service (SARS) has also published draft guidance explaining how existing tax rules apply to crypto assets, adding another piece to the country’s evolving digital asset regulatory framework. The South African Revenue Service has separately published its own draft guide to taxing crypto assets, and industry players including Luno have submitted formal responses to the broader April capital-flow proposal.
Comments due September 30, nothing here is final
Under the draft Manual, public comments are open, with written submissions due to SARBFinSurvDocuments@resbank.co.za by close of business on 30 September 2026.
FAQ
Does this ban South Africans from holding crypto?
No. The draft Manual addresses cross-border transfers specifically, not domestic ownership.
Who does the reporting requirement fall on?
The Authorised CASP handling the transfer, which reports to SARB’s Financial Surveillance Department, not the individual customer directly.
Can businesses use this route to move crypto offshore?
Not at this stage. The draft Manual currently limits externalisation via Authorised CASPs to individuals, using their discretionary or foreign capital allowance.
Is this final?
No. It’s a draft open for public comment until 30 September 2026, and Treasury/SARB have said it should be read alongside the still-evolving April regulations.
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