South Africa's National Treasury has unveiled draft regulations that could criminalize the refusal to disclose private keys for cryptocurrency holdings. The Draft Capital Flow Management Regulations 2026 propose integrating cryptocurrency into the nation's capital flow framework, requiring holders to declare assets above a certain threshold and surrender private keys to enforcement officers upon request. Non-compliance could result in fines up to R1 million or imprisonment for up to five years. The draft regulations, which aim to replace the 1961 exchange control rules, also restrict the export of cryptocurrencies without Treasury approval and grant search-and-seizure powers at ports. These measures extend beyond existing regulations by the Financial Sector Conduct Authority, reflecting concerns over stablecoin risks and increased crypto adoption in sub-Saharan Africa. Critics argue that the forced key disclosure conflicts with constitutional rights against self-incrimination and property rights. The Treasury has not yet specified the threshold amounts for mandatory declarations, with public submissions open until June 10, 2026.