According to CoinMeta, the South African Ministry of Finance and the South African Reserve Bank ( SARB ) released a draft on Monday that requires cross-border cryptocurrency transfers to be conducted through authorized providers and reported to the central bank. This proposal is part of South Africa's efforts to incorporate digital assets into its financial regulatory framework. The draft stipulates that only under specific circumstances will the transfer of crypto assets overseas be considered a cross-border transaction, and it requires reporting to the financial monitoring department of the SARB ( Finsurv ). The proposal also allows individuals to transfer crypto assets overseas within their existing foreign exchange limits in South Africa, but does not recognize crypto assets as legal tender. Interested parties can submit their comments on the draft before September 30th.