South African court rules on Bitcoin transfer to overseas capital exports

According to IOL, the High Court of Gauteng Province in South Africa ruled that Bitcoin belongs to the "capital" and "currency" under South Africa's foreign exchange control system, and confiscated nearly 6 million rand of Bitcoin assets. A trader transferred approximately 1680 bitcoins to a wallet accessed by a registered cryptocurrency exchange overseas through a Luno account between January 2018 and March 2020, which was found by the court to have violated foreign exchange control regulations. The South African Ministry of Finance released a draft of capital flow management for 2026 last month for comments, planning to strengthen cross-border capital flow management.