25 February 2022 by 2022 Special Edition Budget Speech Alert

Process to include crypto assets in the exchange control regulations is under way

Regulation 10(1)(c) is the overarching provision for South African exchange control as it precludes the export of any capital out of South Africa unless specifically approved by the South African Reserve Bank (SARB) or condoned by way of publication of a circular of the SARB. The concept of “capital” is defined broadly in the regulations as a “general term” and it is known to include within its ambit, assets of any nature or currency, with the specific exclusion of intellectual property.

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