The draft regulations replace the Exchange Control Regulations of 1961. What the rules actually sayCrypto assets are now explicitly part of South Africa’s capital flow management system. A draft Crypto Assets Manual specifically focused on cross-border activities is also forthcoming, which will provide more granular guidance for market participants on how to comply. The capital flow regulations extend that compliance logic to cross-border movements specifically. Bringing crypto under the capital flow management umbrella is a proactive step that strengthens South Africa’s case for FATF compliance.