National Treasury and the South African Reserve Bank (SARB) have opened public comment on a draft Crypto Assets Manual for cross-border activities, setting out how artificial intelligence (AI) and how crypto transactions will be classified, reported and monitored when they move across South Africa’s financial borders.
The draft Manual follows the publication of the draft Capital Flow Management Regulations, 2026, which went out for comment on 17 April 2026. A joint National Treasury and SARB statement on 15 May 2026 flagged that a separate cross-border crypto framework would follow. This is it.
The two documents are meant to be read together. The stated aim is to strengthen oversight of cross-border financial activity, reduce the risk of regulatory arbitrage between regulated entities, and improve the Financial Surveillance Department’s (FinSurv) ability to detect and disrupt illicit financial flows.
What’s actually being proposed
The draft Manual sets out the process for applying to become an Authorised Crypto Asset Service Provider (CASP). It also covers the permissions and conditions that apply to cross-border crypto transactions, the administrative responsibilities that come with them, and the reporting requirements to FinSurv.
The framework complements existing oversight from the Financial Sector Conduct Authority, the Financial Intelligence Centre, and the South African Revenue Service. It doesn’t replace any of that. It adds a cross-border layer on top.
National Treasury and the SARB confirmed that comments already submitted on the draft Regulations are still being considered. This draft Manual has not yet incorporated those inputs. Both documents remain subject to further refinement once all public comments and stakeholder engagements have been processed.
When a crypto transaction actually counts as cross-border
This is the part that matters most if you hold or trade crypto. The trigger point for cross-border classification arises when crypto assets move between a domestic Authorised CASP and an offshore CASP, or from a domestic Authorised CASP to a non-custodial wallet.
Once that trigger is hit, the transaction is reportable to FinSurv. The SARB describes this as an activity-based approach, arrived at after research, testing, and assessments of benefits and risks.
At this stage, only individuals may externalise crypto assets via Authorised CASPs. And they may only do so within their existing single discretionary allowance or foreign capital allowance. If you were hoping entities had the same flexibility, they don’t. Not yet.
What this doesn’t do (yet)
The draft Manual does not distinguish between different types of crypto assets at this stage. Bitcoin, stablecoins, altcoins: for now, they’re treated the same way under this framework.
It also does not declare crypto an official currency in South Africa. The SARB confirmed it is still conducting research and consultations on other aspects of crypto assets. Both local and global developments will inform future updates to the draft Manual.
In short: this is a framework in progress, shaped by what regulators know now, and built to adapt.
How and when to comment
The joint statement from National Treasury and the SARB was issued on 3 August 2026. Public comment closes at the end of business on 30 September 2026.
Written submissions must go to SARB-FinSurvDocuments@resbank.co.za, in the format set out in Annexure A of the draft Manual.
The comment window is open. If cross-border crypto regulation affects you, now’s the time to say something in writing.
