The South African National Treasury and the South African Reserve Bank have jointly released the draft "Crypto Assets Policy Paper," which for the first time clarifies when cross-border crypto asset transfers constitute a regulated and reportable event. According to the draft, individuals transferring crypto assets abroad must do so through an authorized crypto asset service provider, and the transactions will be reported to the Financial Surveillance Department (FinSurv) of the Reserve Bank, subject to existing foreign exchange allowance limits. This measure aims to prevent crypto assets from being used to circumvent South Africa's existing financial controls and to help authorities detect and combat illicit financial flows. The current framework does not grant crypto assets legal tender status, nor does it differentiate between different types of crypto assets. The public comment period ends on September 30.