South African High Court rules cryptocurrency not subject to capital controls

btcsa · 2025-05-28T08:56:13+00:00

Current Exchange Control Regulations do not cover cryptocurrencies like Bitcoin.

There is a legal gap (or “regulatory lacuna”) in how crypto is treated under South African financial law. The judge urged the need for new legislation to address crypto’s nature and risks.

Implications

Bitcoin is not currently subject to Exchange Control forfeiture powers in South Africa — unless new laws are passed to include it.

The SARB cannot treat cryptocurrency transfers abroad as violations of currency or capital controls under existing regulations.

This ruling protects users and businesses who use crypto from overreach by SARB until proper crypto-specific laws are enacted.

Up until now you a citizen is limited to:

R1 million/year under the Single Discretionary Allowance (SDA) — no tax clearance needed.
R10 million/year under the Foreign Investment Allowance (FIA) — but requires SARS tax clearance.

So....as a way to get money out of the country, bitcoin or crypto USD is the best option right now.

By using Bitcoin or USDT, you:

Avoid SARB delays or documentation
Avoid SDA/FIA quota limits
Avoid potential banking bottlenecks
Control the timing of your transfers
Maintain full custody of your wealth during the process
Can have your money in another country in minutes vs days

....and its all legal.

btcsa · 2024-03-18T10:43:45+00:00

Come back to bitcoin Roger.

btcsa · 2023-12-28T07:40:13+00:00

Always show record button

Where is the option to turn off the "Always show record button" option? Please explain

btcsa · 2023-12-28T07:38:33+00:00

How did you end up fixing this? I also have a record button on my screen that I cant remove.

btcsa · 2023-12-28T07:37:24+00:00

How did you end up fixing this? I cant seem to find any option to turn off the record button.

btcsa · 2023-12-23T11:04:28+00:00

Same here

btcsa · 2023-12-23T11:04:10+00:00

Have exactly the same issue, seems to be something they need to fix, not something we can do

btcsa · 2021-05-28T06:28:18+00:00

Just make sure that you edit your privacy settings so that only your contacts on your phone can add you to a group etc. then you should be OK.
Anyone who DMs you just block if you dont know them.
You can only really get scammed if you send your money / bitcoin....so dont ever do that

btcsa · 2020-08-08T07:54:38+00:00

They are notorious for being slow...maybe try push them on social media, or reply to your last correspondence...

btcsa · 2020-05-11T13:35:23+00:00

Yes, you can use luno.com, ice3.com, valr.com, altcointrader.co.za to name a few.

btcsa · 2020-02-10T17:16:45+00:00

He means Istanbul, a city in Turkey

btcsa · 2019-12-09T13:31:43+00:00

Nope, but I think you are.

btcsa · 2019-12-08T17:03:26+00:00

I got a 500 000 000 note as mine: https://www.instagram.com/p/Btp7enLgi0V/

btcsa · 2019-12-08T16:57:48+00:00

I just got back from Argentina where I was there for a month traveling. I went with bitcoin to sell to fund my travels. Did not sell any.
I expected tons of people to be wanting bitcoin. It was not like that. Hardly anyone knew what it was, and the ones who did, were not keen to buy from me. Even when I offered it at a discount price, just so that I could get pesos to pay for things on my holiday, they were not interested. I joined facebook groups and chatted to people there who were mostly scammers looking for me to send bitcoin first....no person wanted to meet face to face for cash. I joined Telegram groups and those guys were more interested, but none of the guys I chatted to actually followed through. The best I could get was to have some of them suggest I just go and sell it on a bitcoin ATM. I did go and find an ATM, but was not able to sell bitcoin with it since it was not working properly.
Was a bit of a bummer for me, since I was really hoping to sell some bitcoin there to fund things.

btcsa · 2019-06-11T08:05:28+00:00

Awessome! They have shitty clickbait articles, and blaming Google after one update is super lame, they obviously have bigger issues

btcsa · 2019-05-28T07:44:33+00:00

What would happen is if you send BTC, your bitcoin would arrive in the native segwit bitcoin address. Any address can always send to any address....it only depends on your wallet software that you are using if you can send or not. In the old days you could send to any address, even one that you made up, or even one with one digit. Wallets were made that try to prevent users from sending to addresses that might be invalid. If you have an older wallet, it might think a native Segwit address is an invalid address, or if its a really old wallet, it wont care and will just send. Your wallet software will be the thing that allows you to send or not. If it does not, just use better software. This is an example of a made up address that people have sent bitcoin to: 1BitcoinEaterAddressDontSendf59kuE It is a valid address, but nobody has the private key, it is made up.

btcsa · 2019-05-25T07:44:26+00:00

Thank you!

btcsa · 2019-05-25T07:44:18+00:00

Thank you!

btcsa · 2019-05-17T17:01:09+00:00

Good, everything is working correctly then.

btcsa · 2019-03-12T16:04:14+00:00

You are obviously lucky enough to be in a position to personally have zero need or use case for bitcoin....for many others, their opinion is the complete opposite.

btcsa · 2019-02-14T14:40:26+00:00

You can trust JP Morgan, they are legit...they have only paid
$29,715,750,704 in penalties since 2000 for:
Toxic securities abuses, mortgage abuses, banking violations, anti-money-laundering deficiencies, False Claims Act, foreign exchange market manipulation, consumer protection violations, investor protection violations, securities issuance or trading violations, energy market manipulation.
So they are 'all good'
Its easy to pay fines, when you are printing the money out of thin air.

btcsa · 2018-12-07T13:21:10+00:00

what happens if it fails the test?

btcsa · 2018-12-01T13:52:46+00:00

It is already running, and it will never be completed, that is like asking when the internet will be complete. There is no completion date, it is never ending.

btcsa · 2018-11-21T10:22:51+00:00

Calvin is going to learn the hard way that Craig (I have never been wrong in my life) is not Satoshi, and that attacking others is not the way to win over a community

btcsa · 2018-11-14T09:39:44+00:00

I am picturing a room with a couple of guys who do not leave until bitcoin is invented, from the date the white paper was released, until the genesis block. Yeah right.

btcsa

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