[kragen]

Does KYC on exchanges stop you from taking your money out of the country if you earned it legally in the first place? I'd think that the process would go like this:

1. Transfer the majority of your legally earned savings in rand, on which you have already paid taxes, from your South African bank account to a South African coin exchange, using it to buy Bitcoin, or Dai, or Ethereum, or whatever. Since this is white-market money, KYC should be no problem, right?

2. Transfer your Bitcoin (etc.) to a wallet or wallets you control, maybe with multi-signature authorization, maybe using an Electrum seed phrase, etc. Presumably this is what an exchange is for, right? Buying Bitcoin and then sending it somewhere.

3. Move to New Zealand or the Netherlands or wherever your new job is.

Where does this plan fall down in practice today?

[buyx]

You don’t need to do any of this. Exchange controls were relaxed a while ago and taking money out of South Africa isn’t difficult for most people.