South Africa Plans Revised Capital Rules Covering Crypto After Public Comments

South Africa plans consultations on capital-flow regulations covering crypto assets after thousands of comments on the broader rules, with a revised draft expected but no timetable. Finance Minister Enoch Godongwana told Parliament Wednesday, Oct. 21, that consultations would begin and the government aimed to publish a revised second draft. He called for moving away from advance approvals toward reviews of transactions for legitimacy and tax compliance. “We must aim to shift away from pre-approvals. Instead, we must assess transactions for legitimacy and tax compliance,” Godongwana said. He gave no publication date and identified no provisions for revision. The draft Capital Flow Management Regulations were published for public comment April 17. They would bring crypto assets into an exchange-control framework intended to replace the Exchange Control Regulations of 1961.

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