INTRODUCTION

The regulation of cryptocurrency in South Africa remains uncertain. There are now two High Court judgments on the same question of law, and they contradict each other.

STANDARD BANK OF SOUTH AFRICA V SOUTH AFRICAN RESERVE BANK AND OTHERS (047643/2023) [2025] ZAGPPHC 481

In Standard Bank of South Africa v South African Reserve Bank and Others, the Pretoria High Court, on 15 May 2025, held that cryptocurrency does not fall within the ambit of the existing Exchange Control Regulations, 1961 (the “Regulations”), finding that it constitutes neither “money” nor “capital” as contemplated in 10(1)(c) of the Regulations.

MANGUNDHLA AND ANOTHER V SOUTH AFRICAN RESERVE BANK AND OTHERS (2022/029979) [2026] ZAGPJHC 579

Less than a year later, on 01 June 2026, the Johannesburg High Court arrived at the opposite conclusion.

In Mangundhla and Another v South African Reserve Bank and Others, the court held that cryptocurrency is both “money” and “capital” for the purposes of 10(1)(c) of the Regulations, expressly stating that the Pretoria court’s conclusion was “clearly wrong.”

CONCLUSION

South Africa now has two competing High Court judgments on the same point of law, deepening rather than resolving legal uncertainty in this area.