According to CoinMeta, and as reported by Reuters, South Africa released draft regulations on cross-border cryptocurrencies on August 3, for the first time clarifying when cross-border transfers of cryptocurrencies are considered regulated and reportable events. The draft was jointly issued by South Africa's National Treasury and the South African Reserve Bank, with the aim of preventing crypto assets from being used as a means to circumvent existing financial controls and to assist authorities in detecting and combating illegal financial flows. Under the proposed regulations, a transaction will only be considered a cross-border event when assets are transferred from locally authorized crypto asset service providers to overseas providers or private non-hosted wallets. Currently, only individuals are allowed to transfer crypto assets overseas within their existing foreign exchange quotas, and this framework does not grant crypto assets the status of legal tender. Interested parties have until September 30 to submit their comments.