KYLE FYFE: Reserve Bank’s stance on export of crypto assets questionable

The financial surveillance department of the Reserve Bank has made its views known on exchange control issues relating to the movement of crypto assets between digital wallets on an SA crypto exchange such as Ovex and a foreign crypto exchange such as Binance.

FinSurv has not provide any detailed reasoning for its position, and it seems unlikely that its position will prevail in circumstances in which all that the person has done is move the crypto asset between SA and foreign crypto exchanges, and later returns the crypto asset to his or her wallet on an SA crypto exchange.

If a person finds himself or herself in hot water with FinSurv for having moved a crypto asset from a wallet on a local crypto exchange to a wallet on a foreign crypto exchange or another wallet, legal advice should thus be obtained based on the person’s particular circumstances.

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