The draft Crypto Assets Manual would treat the transfer of locally held crypto to private self-custody wallets as restricted capital outflows. Picture: (igorigorevich) South Africa’s proposed crackdown on cross-border crypto flows is drawing pushback from the country’s largest cryptocurrency exchanges. The draft Crypto Assets Manual would effectively treat the transfer of locally held crypto to private self-custody wallets or foreign platforms as restricted capital outflows; a move aimed at helping South Africa avoid being placed back on the FATF greylist. But the industry says the proposed rules could have significant implications for crypto users and businesses. Business Day TV discussed this with Farzam Ehsani, co-founder and CEO of VALR, to find out more.Business Day