In a landmark ruling, the Pretoria High Court in Standard Bank v South African Reserve Bank ruled that cryptocurrencies do not constitute “capital” under South Africa’s Exchange Control Regulations. This means crypto assets are not subject to the country’s strict exchange control regime, offering long-awaited clarity for the crypto industry. While this judgment removes the need for SARB approval to export crypto, the relief may be temporary, as future legislative amendments could reassert regulatory oversight. For now, the decision marks a significant shift in how digital assets are treated under South African financial law.