According to reports, Sarb deputy governor Kuben Naidoo told journalists last week that the rules would be put in place in the first quarter of next year. Naidoo was not immediately available to verify this, and other Sarb officials could not comment.
But local banks such as FNB have already started clamping down on virtual currency companies and last week closed all business banking accounts for companies dealing in cryptocurrencies.
“FNB considers this to be a prudent course of action following a comprehensive review of the potential risks currently associated with these entities, particularly given that appropriate regulatory frameworks are not yet in place,” it said in a statement.
South Africa has limits on how much money individuals can send outside the country. The limit without declaration is R1million, and with special application to the South African Revenue Service citizens can send a further R10m out of the country for foreign investment purposes.