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South Africa’s Treasury and central bank are preparing new regulations for cryptocurrency-based cross-border transactions, proposing stricter reporting requirements and oversight for offshore crypto transfers.

The National Treasury and the South African Reserve Bank (SARB) released a draft framework on Monday that would require users sending crypto outside the country to use authorized service providers and notify the central bank’s Financial Surveillance Department (FinSurv).

The agencies said the proposed rules are aimed at limiting regulatory gaps among regulated entities involved in international crypto activity while improving FinSurv’s ability to track, prevent, and disrupt illicit financial flows.

The framework would not classify cryptocurrencies as official money or legal tender, and it would not separate regulations based on different types of digital assets.

Authorities have opened a public consultation period, allowing stakeholders to submit feedback on the proposals until September 30.

The latest draft builds on regulatory efforts introduced earlier this year, including April proposals that would require crypto holders to disclose assets above a certain level and potentially provide private keys to authorized enforcement bodies upon request.

South Africa’s approach mirrors a wider global shift toward stronger cryptocurrency oversight. Governments and regulators are increasingly developing cross-border frameworks designed to manage financial risks, protect users, and support responsible innovation, resulting in a varied regulatory environment worldwide.