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An analysis by ENS, Taxand South Africa
South Africa’s National Treasury has proposed major reforms to its exchange control regime, bringing crypto assets explicitly within scope for the first time. Under the Draft Regulation, crypto would be treated as “capital” rather than currency, with a new category of authorised providers introduced to manage regulated transactions.
The proposal introduces strict controls on both domestic and cross‑border crypto activity, including approval requirements for transfers abroad, mandatory reporting of holdings above a prescribed threshold, and potential forced sale provisions to authorised entities. The Draft Regulation signals a clear shift toward tighter oversight, with potentially wide‑ranging implications for fintech businesses and investors.
Tax experts, Angela Itzikowitz, Arnaaz Camay, Megan Stuart-Steer, Era Gunning, Amelia Warren, and Dylan Martheze from our South African member firm ENS provide analysis on what this Draft Regulation means for businesses and individuals, which can be read here.
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