Exchange Control Regulations

SA Slams the Door on Crypto Loopholes: Cross-Border Rules Drop in 2025!

KenMichaelsAugust 18, 2025January 30, 202608 mins

South Africa rejects exchange control exemption for SARB-led crypto framework after Judge Motha rules “cryptocurrency is not money.” Financial Regulators Steering Committee establishes CASP cross-border reporting closing 1961 Exchange Control loopholes. FICA subjects Luno, VALR, Binance to AML/CFT/CPF as Luno flags onshore/offshore gap hindering institutional adoption. Framework resolves “money” vs “capital” dichotomy within year

Legal Loophole or Progress? Unpacking the SARB Exchange Control Case Ruling

KenMichaelsMay 26, 2025January 30, 202608 mins

Pretoria High Court declares cryptocurrencies exempt from exchange control after SARB froze $37M (R556M) Bitcoin transfer by Leo Cash and Carry, attempting $1M forfeiture from Standard Bank.
Judge Mlambo rules crypto not “money” or “capital” under Exchange Control Act, exposing legislative gaps threatening capital flight. Norton Rose Fulbright warns “reprieve may be short-lived” as Baker McKenzie notes amendments could reassert oversight. FATF travel rule implementation by 2025 and Nigeria-Kenya regulatory reforms shape Africa’s digital asset future.