South Africa Draft Crypto Rules Could Jail Users Who Refuse Key Disclosure

South Africa’s National Treasury published draft capital flow rules that could pull crypto into exchange controls and set penalties of up to R1 million or five years in prison for non-compliance. The draft would let officers demand passwords, PINs, or private keys needed to access crypto assets, and refusal would be a criminal offence. Residents holding Bitcoin (BTC) or other crypto above a threshold set by the Minister of Finance would have to declare those holdings within 30 days, while larger trades could move only through an authorised provider. The Treasury has not disclosed the threshold amounts, and the comment window shows conflicting deadlines of 10 June 2026 and 18 May 2026.

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