--- title: South Africa wants to ban companies from moving... description: South Africa's Reserve Bank and National Treasury have proposed draft rules banning companies from making cross-border stablecoin transfers, while individuals... canonical: https://daily.dev/posts/south-africa-wants-to-ban-companies-from-moving-stablecoins-abroad-individuals-keep-their-allowance-r0hmvvlxh twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: South Africa wants to ban companies from moving stablecoins abroad. Individuals keep their allowance. | daily.dev og:description: South Africa's Reserve Bank and National Treasury have proposed draft rules banning companies from making cross-border stablecoin transfers, while individuals... og:url: https://daily.dev/posts/south-africa-wants-to-ban-companies-from-moving-stablecoins-abroad-individuals-keep-their-allowance-r0hmvvlxh og:image: https://api.daily.dev/og/posts/r0hmvvlXH.png og:image:alt: South Africa wants to ban companies from moving stablecoins abroad. Individuals keep their allowance. og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # South Africa wants to ban companies from moving stablecoins abroad. Individuals keep their allowance. **[The Next Web](https://daily.dev/sources/tnw)** · 5 min read · 0 upvotes · 0 comments ## Summary South Africa's Reserve Bank and National Treasury have proposed draft rules banning companies from making cross-border stablecoin transfers, while individuals retain an annual allowance of up to R2 million (~$120,000) without pre-clearance, and up to R10 million with tax authority approval. Exchanges VALR and Luno have pushed back strongly — VALR's CEO warns the ban will drive transactions underground, while Luno is signalling potential legal action if Treasury bypasses parliament. Absa, a major incumbent bank, supports the rules as overdue clarity. The proposal sits in tension with South Africa's April decision to liberalise capital flows more broadly. Nigeria, by contrast, chose taxation over prohibition, ordering crypto traders to register for tax IDs. Public comment on the South African draft closes end of September. ## Full article daily.dev links to this article rather than hosting it. Read it at the original source: ## Questions this post answers ### What are South Africa's proposed rules on corporate cross-border stablecoin transfers? Draft rules from the Reserve Bank and National Treasury would ban South African companies from making any cross-border crypto transfers. Incoming payments from private wallets would be blocked, and outgoing transfers would trigger exchange control limits. Individuals are unaffected and retain an annual allowance of up to R2 million (~$120,000) without pre-clearance, or up to R10 million with tax authority approval. _Developers and fintech teams navigating stablecoin compliance in Africa track regulatory shifts like this on daily.dev._ ### How does Nigeria's approach to stablecoin regulation differ from South Africa's proposed ban? Nigeria chose taxation over prohibition. It ordered all digital asset traders and exchanges to register for a tax identification number or face fines and possible imprisonment, with crypto and stablecoin profits attracting income tax. Nigeria received roughly $59 billion in crypto inflows between July 2023 and June 2024, ranking second globally on Chainalysis' adoption index — taxing that flow is a different regulatory bet from blocking it. _Teams building cross-border payment infrastructure in Africa watch both approaches unfold on daily.dev._ ## Similar posts on daily.dev - [SA companies could face cross-border crypto ban](https://daily.dev/posts/sa-companies-could-face-cross-border-crypto-ban-ffomahbsr) · TechCentral · 1 upvotes · 0 comments - [Reserve Bank says its approach to stablecoins is still unsettled](https://daily.dev/posts/reserve-bank-says-its-approach-to-stablecoins-is-still-unsettled-hygpwmeuj) · TechCentral · 0 upvotes · 0 comments - [South Africa’s crypto progress on the line](https://daily.dev/posts/south-africa-s-crypto-progress-on-the-line-ql8bprqps) · TechCentral · 1 upvotes · 0 comments - [VALR hits back at proposed cross-border crypto ban](https://daily.dev/posts/valr-hits-back-at-proposed-cross-border-crypto-ban-cqawt8xnz) · TechCentral · 0 upvotes · 0 comments - [The Bank of England backs down on its toughest stablecoin rules](https://daily.dev/posts/the-bank-of-england-backs-down-on-its-toughest-stablecoin-rules-tqilhky0w) · The Next Web · 0 upvotes · 0 comments --- Tags: [#crypto](https://daily.dev/tags/crypto), [#blockchain](https://daily.dev/tags/blockchain), [#fintech](https://daily.dev/tags/fintech), [#stablecoin](https://daily.dev/tags/stablecoin) [View this post on daily.dev](https://daily.dev/posts/south-africa-wants-to-ban-companies-from-moving-stablecoins-abroad-individuals-keep-their-allowance-r0hmvvlxh) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"South Africa wants to ban companies from moving stablecoins abroad. 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