New proposed rules for cross-border crypto transactions add another reporting layer to already overburdened crypto exchanges and could drive legitimate business offshore while undermining the very surveillance the authorities are trying to achieve. Moving crypto between two authorised South African crypto asset service providers (Casps) would also be regarded as a domestic transaction and would therefore not be reportable. When a transaction must be reportedA transaction becomes reportable when crypto is transferred from a South African Casp to an offshore crypto platform or to a private, non-custodial wallet. Transfers from an offshore Casp to an authorised South African provider would similarly be regarded as cross-border – and would therefore have to be reported. What it could not do is transfer the crypto to an offshore provider or private wallet, or receive crypto from an offshore platform.