South Africa Releases Draft Crypto Asset Handbook, First Clarifying Cross-Border Transfer Reporting Requirements

Odaily News: South Africa's Ministry of Finance and the South African Reserve Bank have jointly released the draft Crypto Asset Handbook, marking the first time that clear regulatory and reporting requirements for cross-border crypto transactions have been established. According to the draft, transferring crypto assets from locally licensed crypto service providers to overseas platforms or non-custodial wallets will be classified as cross-border transactions, which must be processed through authorized service providers and reported to the Reserve Bank's financial surveillance department. Individuals may only transfer crypto assets abroad within the limits of their existing foreign exchange allowances. Purchasing or selling cryptocurrencies through local platforms using the rand does not require reporting. The public can submit feedback on the draft before September 30.