South Africa Proposes New Crypto Rules to Tighten Cross-Border Capital Controls

South Africa’s National Treasury has published draft Capital Flow Management Regulations that would bring crypto assets directly into the country’s exchange control framework for the first time, introducing new requirements for cross-border transactions, asset declarations and compliance. The proposed regulations are made under section 9(1) of the Currency and Exchanges Act, 1933, and would repeal and replace the existing regulations introduced in 1961. The draft seeks to extend controls traditi