South Africa's National Treasury and the South African Reserve Bank (SARB) have published draft rules on cross-border crypto transfers, setting different treatment for individuals and companies. Under the draft, individual residents are allowed to send crypto assets overseas within existing foreign-exchange limits, while corporate cross-border crypto transactions would be restricted. The draft also lists certain inbound transfers from private non-custodial self-custody wallets as unacceptable for local crypto asset service providers (CASPs). Farzam Ehsani, co-founder and CEO of crypto trading platform VALR, warned that unless key clauses are substantially revised, the framework could damage South Africa's digital asset industry and drive funds abroad. He argued the restrictions could push both businesses and retail investors to offshore venues. Ehsani also said that barring regulated firms from handling legitimate corporate deals, especially cross-border stablecoin payments, could push transactions underground or overseas, weakening the very visibility and monitoring that regulators want. The Treasury and SARB are now collecting public feedback, with submissions due by September 30.
South Africa's National Treasury and the South African Reserve Bank (SARB) have released draft rules for cross-border crypto asset transfers. Under the proposal, individual residents may move crypto assets abroad within their existing foreign-exchange limits. Corporate entities, however, would be restricted from carrying out crypto cross-border transactions. The draft would also treat certain inbound payments from private non-custodial self-custody wallets as transfers that local crypto asset service providers (CASPs) cannot accept.
Farzam Ehsani, co-founder and CEO of crypto trading platform VALR, said that without substantial changes to key provisions, the framework could harm South Africa's digital asset industry and push capital out of the country. He said the restrictions may push companies and retail clients toward offshore platforms.
Ehsani added that preventing regulated institutions from processing legitimate corporate transactions, particularly cross-border stablecoin payments, could force dealings underground or overseas. That, he argued, would undermine the transaction visibility and monitoring capabilities that regulators are trying to achieve.
The Treasury and SARB have opened the draft rules for public comment. Feedback is due by September 30.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
