South African Reserve Bank and National Treasury extend public comment deadline for draft Capital Flow Management Regulations to 30 June 2026

The South African Reserve Bank and National Treasury have extended the deadline for comments on the draft Capital Flow Management Regulations, 2026 to 30 June 2026 from 18 May 2026 after requests from stakeholders for more time to review the proposal. They also addressed concerns about crypto assets, clarifying that the draft regulations are not intended to criminalise possession of crypto assets or apply retrospectively, and confirming that a draft manual on the proposed cross-border crypto asset framework will soon be released for public comment. The manual will clarify which activities would cause a crypto asset transaction to be treated as cross-border and therefore subject to capital flow management measures, and will set out the obligations and responsibilities of authorised crypto asset service providers. The notice also rejected concerns that holders of crypto assets, gold or foreign currency could be compelled to sell those assets to the state or banks dealing in foreign exchange, stating that any disposal requirement would arise only in limited circumstances such as where an offence has been committed. More broadly, the draft regulations are intended to strengthen the authorities' ability to detect, deter or disrupt illicit financial flows and to complement regimes already implemented by the Financial Intelligence Centre and Financial Sector Conduct Authority. An extension notice will be gazetted in due course. After 30 June 2026, National Treasury and the South African Reserve Bank will consider the comments and make revisions to the draft regulations as appropriate.