{"id":97810,"date":"2026-04-27T15:24:50","date_gmt":"2026-04-27T15:24:50","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine"},"modified":"2026-04-27T15:33:34","modified_gmt":"2026-04-27T15:33:34","slug":"big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine","title":{"rendered":"Big Changes to 65-Year-Old Law Unlock R10 Trillion Goldmine"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>South Africa has proposed a sweeping overhaul of its decades-old rules governing money flows, aiming to bolster its position as a financial hub for Africa and attract more investor capital.<\/p>\n<p>The finance ministry\u2019s proposals include raising discretionary offshore allowances for individuals, regulating crypto assets and easing capital-flow restrictions.<\/p>\n<p>The Johannesburg Stock Exchange estimates the changes could attract at least R10 trillion in investment over time.<\/p>\n<p>Much of the legislation being overhauled dates back to 1961, with some provisions originating as early as 1933, Vukile Davidson, deputy director-general of financial policy at National Treasury, told Reuters in an interview.<\/p>\n<p>\u201cAt the time, exchange control was principally used to deal with a wide range of issues beyond just capital flows management,\u201d said Davidson.<\/p>\n<p>\u201cIt was used to manage the domestic revenue base, to manage illicit flows, to ensure the stability of the financial sector.\u201d<\/p>\n<p>That blunt instrument is now being replaced with more targeted reforms, he said, signalling South Africa\u2019s readiness to modernise and adopt a \u201cpositive bias\u201d approach to managing cross-border capital flows.<\/p>\n<p>National Treasury published the draft circular for public comment on April 17.<\/p>\n<p>A key aim of the overhaul is to address long-standing structural problems that have seen South Africa lose financial capital to rival hubs.<\/p>\n<p>Under the proposals, asset managers would for the first time be allowed to run non-rand funds \u2013 which raise, deploy and report in foreign currencies such as U.S. dollars \u2013 from a South African base.<\/p>\n<p>Current rules require such funds to be legally domiciled offshore, even when they are managed locally.<\/p>\n<p>\u201cPlaces like Mauritius, increasingly Kenya and Kigali, and Dubai&#8230; have been much more successful in attracting South African financial firms,\u201d Davidson said.<\/p>\n<p>Samuel Mokorosi, head of deals and origination at the JSE, said rules requiring non-rand funds to be domiciled offshore were costing South Africa jobs and expertise.<\/p>\n<p>The bourse, which leads Operation Phumelela \u2013 a private-sector reform initiative pushing for capital markets reform \u2013 welcomed the proposed change.<\/p>\n<p>The overhaul would also bring crypto assets formally into the exchange control framework, treating them for the first time as a distinct but regulated form of capital.<\/p>\n<p>Crypto trading above a set threshold would be permitted only through a new class of regulated intermediaries, with mandatory declaration of holdings and significant transactions to National Treasury.<\/p>\n<p>Crypto plays a growing but contested role in South Africa, where high adoption has made it a tool for trading, remittances and, increasingly, cross-border value transfer outside the traditional banking system.<\/p>\n<p>The exchange control revamp forms part of a broader reform agenda pursued by the government in recent years, spanning energy, logistics, infrastructure, fiscal policy and financial regulation.<\/p>\n<p>Davidson said the timing and pace of the changes were also influenced by geopolitical shifts that are creating opportunities for South Africa to attract capital flows.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">South-Africa<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. South Africa has proposed a sweeping overhaul of its decades-old rules governing money flows, aiming to bolster its position as a financial hub for Africa and attract more investor capital. The finance ministry\u2019s proposals include raising discretionary offshore allowances for individuals, regulating crypto assets and easing capital-flow restrictions. The Johannesburg Stock Exchange [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":97809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[275],"class_list":["post-97810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Big Changes to 65-Year-Old Law Unlock R10 Trillion Goldmine - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa has proposed a sweeping overhaul of its decades-old rules governing money flows, aiming to bolster its posi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Changes to 65-Year-Old Law Unlock R10 Trillion Goldmine\" \/>\n<meta property=\"og:description\" content=\"South Africa has proposed a sweeping overhaul of its decades-old rules governing money flows, aiming to bolster its posi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-27T15:24:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-27T15:33:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2026\/04\/sm_1777291382.778457.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Big Changes to 65-Year-Old Law Unlock R10 Trillion Goldmine\",\"datePublished\":\"2026-04-27T15:24:50+00:00\",\"dateModified\":\"2026-04-27T15:33:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine\"},\"wordCount\":483,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2026\/04\/sm_1777291382.778457.jpg\",\"keywords\":[\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-changes-to-65-year-old-law-unlock-r10-trillion-goldmine\",\"name\":\"Big Changes to 65-Year-Old Law Unlock R10 Trillion Goldmine - 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