{"id":50828,"date":"2026-02-25T15:37:26","date_gmt":"2026-02-25T15:37:26","guid":{"rendered":"https:\/\/eduzim.co.zw\/news\/?p=50828"},"modified":"2026-02-25T15:37:26","modified_gmt":"2026-02-25T15:37:26","slug":"278161","status":"publish","type":"post","link":"https:\/\/eduzim.co.zw\/news\/2026\/02\/25\/278161\/","title":{"rendered":"Treasury moves to bring crypto under exchange-control rules"},"content":{"rendered":"<p> <script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-253274 size-full\" src=\"https:\/\/i0.wp.com\/eduzim.co.zw\/news\/wp-content\/uploads\/2026\/02\/Treasury-moves-to-bring-crypto-under-exchange-control-rules.jpg?resize=640%2C341&#038;ssl=1\" alt=\"Treasury moves to bring crypto under exchange-control rules\" width=\"640\" height=\"341\" srcset=\"https:\/\/eduzim.co.zw\/news\/wp-content\/uploads\/2026\/02\/Treasury-moves-to-bring-crypto-under-exchange-control-rules.jpg 1500w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2024\/10\/bitcoin-south-africa-1500-800-1-300x160.jpg 300w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2024\/10\/bitcoin-south-africa-1500-800-1-1024x546.jpg 1024w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2024\/10\/bitcoin-south-africa-1500-800-1-768x410.jpg 768w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2024\/10\/bitcoin-south-africa-1500-800-1-150x80.jpg 150w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2024\/10\/bitcoin-south-africa-1500-800-1-450x240.jpg 450w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2024\/10\/bitcoin-south-africa-1500-800-1-1200x640.jpg 1200w\" sizes=\"(max-width: 1500px) 100vw, 1500px\"\/><\/p>\n<p class=\"p1\"><strong>South Africa is<\/strong> tightening the regulatory net around crypto \u2013 this time targeting cross-border capital flows.<\/p>\n<p class=\"p1\">In an effort to safeguard the financial system while encouraging legitimate investment and capital inflows, national treasury will shortly publish amendments to the exchange control regulations under the Currency and Exchanges Act, finance minister Enoch Godongwana said on Wednesday in his budget speech.<\/p>\n<p class=\"p2\">According to the budget, the amendments aim to include crypto assets in the capital flows management framework to complement regulation by the Financial Sector Conduct Authority, which officially declared crypto assets \u2013 such as bitcoin and ethereum \u2013 to be \u201cfinancial products\u201d under the Financial Advisory and Intermediary Services Act.<\/p>\n<aside class=\"modern-quote pull alignright\">As crypto payments are borderless, they present an avenue to circumvent exchange controls<\/aside>\n<p class=\"p2\">\u201cSimilar regulatory action has been taken by the <span class=\"s1\">Financial Intelligence Centre<\/span>, which in 2025 designated crypto asset service providers as accountable institutions subject to supervision, including reporting, registration and enforcement,\u201d the budget said.<\/p>\n<p class=\"p2\">Crypto adoption in South Africa has continued to rise, reflected both in the number of registered users at major trading platforms and the value of crypto assets held in custody.<\/p>\n<p class=\"p3\">In its\u00a0<span class=\"s2\">Financial Stability Review<\/span>\u00a0for 2025, the South African Reserve Bank flagged cryptocurrencies as a new risk to domestic fiscal stability.<\/p>\n<p class=\"p4\">TechCentral <span class=\"s1\">reported<\/span> at the time that Nicola Brink, head of department for financial stability at the Reserve Bank, said new technologies can be both good and bad, but they present risks that require monitoring and mitigation.<\/p>\n<h2>R63-billion<\/h2>\n<p class=\"p4\">\u201cThe adoption of crypto is increasing in South Africa, both in terms of the number of registered users and the value of crypto assets under custody. One of the key transmission mechanisms through which crypto assets can affect financial stability is through their use in payments and settlements. Also, as crypto payments are borderless, they present an avenue to circumvent exchange controls,\u201d Brink said.<\/p>\n<p class=\"p4\">Analysis done by the Reserve Bank shows that since 1 January 2019, nearly R63-billion has been sent from bitcoin wallets originating in South Africa to wallets abroad. Brink said this number is bigger when smaller cryptocurrencies are included.<\/p>\n<h3 style=\"text-align: right;\"><span class=\"s5\">Read: <span class=\"s1\">Cardware Wallet aims to \u2018hide the blockchain\u2019 to drive mass crypto adoption<\/span><\/span><\/h3>\n<p class=\"p5\">To curb illicit international flows, national treasury and Reserve Bank and have been working on framework for overseeing cross-border transactions done using crypto.<\/p>\n<p class=\"p6\"><span class=\"s1\">Christo de Wit<\/span>, country manager for Luno South Africa, told TechCentral that the new regulations had been expected after the high court in Pretoria ruled last year that crypto assets were not \u201ccurrency\u201d or \u201ccapital\u201d under South Africa\u2019s 1961 Exchange Control Regulations. This means crypto transfers offshore were initially deemed not to require the Reserve Bank\u2019s approval. This ruling is suspended in practice as it is being appealed by the Bank.<\/p>\n<figure id=\"attachment_227406\" aria-describedby=\"caption-attachment-227406\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-227406\" src=\"https:\/\/i0.wp.com\/eduzim.co.zw\/news\/wp-content\/uploads\/2026\/02\/1772033843_627_Treasury-moves-to-bring-crypto-under-exchange-control-rules.jpg?resize=640%2C341&#038;ssl=1\" alt=\"Luno's Christo de Wit\" width=\"640\" height=\"341\" srcset=\"https:\/\/eduzim.co.zw\/news\/wp-content\/uploads\/2026\/02\/1772033843_627_Treasury-moves-to-bring-crypto-under-exchange-control-rules.jpg 1500w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2023\/06\/christo-de-wit-1500-800-300x160.jpg 300w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2023\/06\/christo-de-wit-1500-800-1024x546.jpg 1024w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2023\/06\/christo-de-wit-1500-800-768x410.jpg 768w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2023\/06\/christo-de-wit-1500-800-150x80.jpg 150w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2023\/06\/christo-de-wit-1500-800-450x240.jpg 450w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2023\/06\/christo-de-wit-1500-800-1200x640.jpg 1200w\" sizes=\"auto, (max-width: 1500px) 100vw, 1500px\"\/><figcaption id=\"caption-attachment-227406\" class=\"wp-caption-text\">Luno\u2019s Christo de Wit<\/figcaption><\/figure>\n<p class=\"p6\">De Wit said as digital assets become more mainstream and increasingly integrated with traditional finance, including being sent across borders, regulation will need to modernise and keep pace with their inevitable adoption.<\/p>\n<p class=\"p6\">Because crypto assets are neither clearly designated as an onshore nor an offshore asset, this lack of clarity creates uncertainty for financial advisors and investors allocating capital investments to digital assets like bitcoin, as offshore assets are subject to capital allocation limits.<\/p>\n<p class=\"p6\">Luno has proposed that crypto be designated as an onshore asset when traded through licensed South African crypto asset service providers (Casps). This will mean investors are not subject to offshore investment limits when investing locally.<\/p>\n<aside class=\"modern-quote pull alignright\">Designating crypto as an onshore asset could encourage greater domestic investment in digital assets<\/aside>\n<p class=\"p6\">Designating crypto as an onshore asset could encourage greater domestic investment in digital assets, progress discussions on the listing of locally traded crypto exchange-traded products and increase tax revenue for the fiscus.<\/p>\n<p class=\"p6\">Asked if Luno expects any operational, reporting or cost implications, De Wit said the company does not expect anything \u201cmajor\u201d for clients.<\/p>\n<p class=\"p6\"><b>\u201c<\/b>Should the Reserve Bank provide clarity on the onshore or offshore status of crypto assets, Casps will report on behalf of users, as traditional financial institutions do.\u00a0Crypto assets will be subject to exchange control restrictions which limit how much money a firm or individual can send outside of the country per year and how that money leaving the country is reported to authorities,\u201d he said.<\/p>\n<h2>Stablecoins<\/h2>\n<p class=\"p6\">Luno has urged the Reserve Bank to implement or amend its cross-border reporting framework to allow for the reporting of cross-border inflows and outflows of crypto assets including stablecoins. Crypto assets like stablecoins are increasingly being used to power cross-border payments globally due to their global nature, lower cost and significantly faster processing times.<\/p>\n<p class=\"p7\"><span class=\"s3\">Meanwhile, on the Financial Intelligence Centre, which was <\/span>established to combat money laundering and the financing of terrorist and related activities, the budget said the centre will focus on 10 sectors of designated non-financial businesses or professions. It will do this by adopting a risk-based supervisory approach to identify higher-risk entities, which include designated non-financial businesses or professions, crypto asset service providers, credit providers the South African Mint and South African Postbank.<\/p>\n<p class=\"p7\"><span class=\"s3\">The <\/span>treasury has also announced that in an effort to promote South Africa as a competitive financial and investment hub in Africa, it will expand the HoldCo (holding company) concept for corporations. This will allow asset managers to manage their portfolios locally in foreign currency as corporations are permitted to do.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-259468\" src=\"https:\/\/i0.wp.com\/eduzim.co.zw\/news\/wp-content\/uploads\/2026\/02\/1772033845_328_Treasury-moves-to-bring-crypto-under-exchange-control-rules.jpg?resize=640%2C341&#038;ssl=1\" alt=\"bitcoin\" width=\"640\" height=\"341\" srcset=\"https:\/\/eduzim.co.zw\/news\/wp-content\/uploads\/2026\/02\/1772033845_328_Treasury-moves-to-bring-crypto-under-exchange-control-rules.jpg 1500w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2025\/02\/bitcoin-tax-sars-1500-800-300x160.jpg 300w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2025\/02\/bitcoin-tax-sars-1500-800-1024x546.jpg 1024w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2025\/02\/bitcoin-tax-sars-1500-800-768x410.jpg 768w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2025\/02\/bitcoin-tax-sars-1500-800-150x80.jpg 150w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2025\/02\/bitcoin-tax-sars-1500-800-450x240.jpg 450w, https:\/\/techcentral.co.za\/wp-content\/uploads\/2025\/02\/bitcoin-tax-sars-1500-800-1200x640.jpg 1200w\" sizes=\"auto, (max-width: 1500px) 100vw, 1500px\"\/><\/p>\n<p class=\"p8\"><span class=\"s4\">The reforms will enable the creation of a \u201csynthetic financial centre\u201d, which is <\/span>a digital, borderless ecosystem where financial activities (trading, lending, asset management) occur via smart contracts and derivatives, mimicking traditional, geographic-based hubs.<\/p>\n<p class=\"p8\">It will engage in two main activities \u2013 the management of portfolios of foreign assets, and the trading of foreign currency denominated financial instruments.<\/p>\n<h3 style=\"text-align: right;\"><span class=\"s5\">Read: <span class=\"s1\">An inflection point for crypto in South Africa<\/span><\/span><\/h3>\n<p class=\"p7\">It said this would enable asset managers to intermediate in global capital flows, particularly those invested in Africa, and attract and manage the foreign savings of South African investors. <span class=\"s3\">\u2013<i>\u00a0\u00a9 2026 NewsCentral Media<\/i><i\/><\/span><\/p>\n<p class=\"p5\" style=\"text-align: center;\"><strong><i>Get breaking news from TechCentral on WhatsApp.\u00a0<\/i><span class=\"s2\"><i>Sign up here<\/i><\/span><i>.<\/i><\/strong><i\/><\/p>\n<\/div>\n<p><script data-jetpack-boost=\"ignore\" async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-1669381584671856\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- Africa tv video display -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-1669381584671856\"\r\n     data-ad-slot=\"3579572842\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script data-jetpack-boost=\"ignore\">\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n#Treasury #moves #bring #crypto #exchangecontrol #rules<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa is tightening the regulatory net around crypto \u2013 this time targeting cross-border capital flows. In an effort to&hellip;<\/p>\n","protected":false},"author":1,"featured_media":50829,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-50828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mzansi"],"_links":{"self":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/50828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/comments?post=50828"}],"version-history":[{"count":1,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/50828\/revisions"}],"predecessor-version":[{"id":50830,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/posts\/50828\/revisions\/50830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media\/50829"}],"wp:attachment":[{"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/media?parent=50828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/categories?post=50828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eduzim.co.zw\/news\/wp-json\/wp\/v2\/tags?post=50828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}