South Africa Draft Rules Ban Corporate Cross-Border Crypto Transfers

Draft guidelines restrict corporate cross-border crypto transfers while allowing individual moves, prompting industry warnings of capital flight and reduced regulatory oversight.

Woofun AI reports that South Africa's Ministry of Finance and the Reserve Bank have issued draft guidelines regulating cross-border crypto asset transfers. The proposal permits individual residents to move assets within existing foreign exchange limits but prohibits companies from conducting such transactions.

Additionally, it deems deposits from private non-custodial wallets unacceptable for local service providers. VALR CEO Farzam Ehsani argues that barring legitimate corporate activities, particularly stablecoin payments, may drive business underground or overseas, undermining regulatory transparency. A public comment period remains open until September 30.