Leave To Appeal Landmark Crypto Judgment Granted

Further to our newsflash of 2 June 2025 on the application for leave to appeal the Standard Bank v South African Reserve Bank judgment, the High Court has, on 17 September 2025, granted the South African Reserve Bank ("SARB") and Ms Nomfundo Tshazibana leave to appeal directly to the Supreme Court of Appeal. The High Court's order remains suspended pending the appeal, and the legal position on the exchange control treatment of crypto assets therefore remains unsettled.

In very brief summary, the parties' principal arguments on the status of crypto in their leave to appeal heads of argument were:

SARB/Ms Tshazibana

• Crypto assets should be regarded as "money," "foreign currency," "capital" or a "right to capital" under the Exchange Control Regulations. SARB argued that the court should have adopted a purposive, "always speaking" interpretation to ensure the regulations remain effective in light of rapid technological developments and the emergence of new