New South African Crypto Regulation Proposal For Travelers Entering Or Leaving The Country: Declare Your Crypto Or Face Jail Time

According to the proposal, any traveler leaving or arriving in South Africa has to declare their crypto or face up to 5 years imprisonment. The new regulations will allow officials invasive powers to search all devices for crypto including phones and cold wallets.

Officials will have full authority to conduct search and seizure operations with the National Treasury updating their Exchange Control Regulations from 1961 updating crypto assets as capital. This places crypto in the same category as foreign currencies and gold. For anyone crossing the border in or out they need to declare any crypto assets in their possession or under their control/ownership.