Capital Flow Management Regulations of 2026

For some time now, South Africa's exchange control framework has struggled to keep pace with the rapid growth of cryptoasset markets. The Exchange Control Regulations of 1961 did not contain any mechanism for regulating digital assets that exist on distributed ledgers and are capable of rapid cross border movement. This regulatory gap was highlighted in Standard Bank of South Africa Limited v South African Reserve Bank and Others, in which the High Court held that cryptocurrency fell outside the reach of exchange control altogether and called for legislative intervention.

On 17 April 2026, National Treasury answered that call, publishing the draft Capital Flow Management Regulations of 2026 (the Draft Regulations) for public comment. The Draft Regulations, which are intended to repeal and replace the Exchange Control Regulations of 1961, can be accessed on the National Treasury website (www.treasury.gov.za). They represent what is arguably the most significant overhaul of South Africa's capital flow regime andbring cryptoasset transactions squarely within the country's cross-border controls.

The table below examines the key respects in which the Draft Regulations respond to the regulatory shortcomings identified by the court in the Standard Bank case. 

The due date for submitting public comments is 18 May 2026. 

Draft Capital Flow Management Regulations of 2026