South Africa's National Treasury and the South African Reserve Bank are taking public comment through Sept. 30 on draft rules for cross-border crypto asset transfers that would let individuals move crypto abroad within existing foreign currency allowances, while barring corporate cross-border crypto transactions and treating several inflows from private self-custody wallets as non-permissible for local crypto asset service providers. VALR co-founder and chief executive officer Farzam Ehsani said the draft improves one point by making the reportable event the withdrawal of funds from a crypto asset service provider rather than the initial purchase of crypto, but argued the broader framework still disadvantages licensed local operators and could push business payments and retail activity offshore or underground, reducing regulatory visibility and hurting employment, tax revenue, investment, innovation and business formation. He said cross-border stablecoin payments are among the legitimate uses at risk and urged either the abolition of exchange controls with continued reporting and surveillance or a technology-neutral rewrite if South Africa keeps capital controls, while authorities say the draft remains open to refinement before final implementation.