“In 2025, Judge Motha ruled that crypto is not money, foreign currency, or capital and, therefore, exchange control laws don’t clearly apply.” The regulatory ‘standard’ that the market thought existed has been undermined,” says the law firm. “Secondly, National Treasury has published draft Capital Flow Management regulations designed to replace the outdated 1961 Exchange Control Regulations. Among other things, they specifically bring crypto assets into the exchange control framework with the associated regulatory and compliance requirements for cross-border crypto transfers.” “The shifts point to a legislature that is trying to keep up with the financial times.