Can You Move Crypto Across Borders Without SARB Approval? For Now, Yes, That May Change Soon
This article will count 0.25 units (15 minutes) of unverifiable CPD. Remember to log these units under your membership profile.
On 15 May 2025, the Pretoria High Court dropped a bombshell in Standard Bank v South African Reserve Bank, ruling that cryptocurrencies like Bitcoin don’t count as “capital” under South Africa’s Exchange Control Regulations.
This means, at least for now, crypto transfers out of the country don’t need SARB approval. In plain terms: the door briefly opened for sending millions in Bitcoin offshore without violating exchange control laws.
The Case That Sparked It All
Standard Bank challenged SARB after the Reserve Bank froze and seized over R26 million from accounts tied to Leo Cash and Carry (LCC), which had allegedly bought over R550 million in Bitcoin and sent it to a crypto exchange in the Seychelles.
Standard Bank argued that crypto doesn’t qualify as “currency” or “capital” under the 1961 regulations, so the forfeiture was unlawful. The court agreed, calling the legal gap a “regulatory lacuna” that Parliament—not the courts—must fix.
SARB’s Next Move? Appeal.
Unhappy with the ruling, SARB filed an appeal just two weeks later. This means the High Court decision is now on hold until the Supreme Court of Appeal (or possibly the Constitutional Court) has its say.
The Verdict for Now
Cryptocurrency currently sits outside South Africa’s exchange control net. But that could change fast. SARB is moving quickly, and legislative updates may soon follow.
