South Africa issues draft rules for cross-border crypto

JOHANNESBURG, Aug 3 : South Africa took a step on Monday toward bringing cryptocurrency into its financial rulebook, releasing draft guidelines that for the first time spell out when moving crypto across borders becomes a regulated and reportable event.The draft Crypto Asset Manual, published jointly by the National Treasury and the South African Reserve Bank, builds on a broader overhaul of the country's capital flow rules proposed in April.The move comes as crypto use deepens in South Africa. The country already has hundreds of licensed virtual asset service providers, according to blockchain analytics firm Chainalysis. Major banks are also in advanced stages of developing crypto products for institutional clients.The practical effect is that if you want to send crypto offshore, you will