South Africa's Finance Minister Revises Crypto Transfer Rules

On October 22, 2026, South Africa's Finance Minister Enoch Godongwana revealed that the National Treasury is reconsidering its draft regulations for cross-border cryptocurrency transfers. The initial proposals aimed to impose strict controls similar to those for traditional money transfers, requiring individuals to use authorized crypto service providers and report transactions to the South African Reserve Bank (SARB).

However, following extensive feedback from the crypto sector, including a coalition of companies such as VALR, Luno, AltCoinTrader, and EasyEquities, the government is shifting its approach. Instead of requiring pre-approvals for transactions, the focus will now be on ensuring that transactions are legitimate and comply with tax regulations.

A revised draft of the regulations will be published for another round of public input, reflecting the government's responsiveness to industry concerns.