Good day, Hope someone will be able to help me. I apologise if this is going to be a stupid question. Capitec Bank says the following:
Purchase of crypto currency
Clients that wish to invest in cryptocurrency or operate foreign currency (forex) trading accounts must ensure that they purchase crypto currency and fund their forex trading account as stipulated in Section B.4 (A) of the Currency and Exchange manual of the SARB. You also need to familiarise yourself with the applicable regulation and annual foreign discretionary allowance before you engage in these activities.
What is important to note is that purchasing any type of cryptocurrency from a non-South African entity using a debit or credit card, directly or indirectly with your Global One or any other card by means of a virtual account, is not permitted as such transactions do not form part of the permitted transactions stipulated in the Currency and Exchanges manual of the South African Reserve Bank (SARB). You should therefore refrain from doing these transactions with your Global One card.
How you can participate:
The Currency and Exchange manual only applies to international transactions done with entities outside South Africa; it does not apply to transactions done in South Africa between residents. Enquire if the entity/service provider is registered in South Africa. If it is, then you may fund these accounts using normal electronic fund transfers (EFT) and your Global One card.
Is Bitcoin registered in SA?