What you actually own when a real-world asset goes on-chain
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SARS treats crypto assets as either capital or revenue depending on how you behave, not what you call it. What that means for tokenised stocks, why rebased dividends are the trap, and the two different year-ends your records must satisfy.
Yes — and the allowance doubled to R2 million in April 2026. But SARB is bringing crypto formally inside exchange control, only individuals will be permitted to externalise, and it must go through an authorised provider. What the draft rules say.
Luno reached 50 000 tokenised stock customers in under a year, using xStocks. Binance offers bStocks. The two routes differ in rand funding, product range and — the part nobody mentions — what you legally hold.
South Africans have three easy routes to gold: a Krugerrand from any dealer, a JSE-listed gold ETF, or PAXG on an exchange. They cost different amounts, fail in different ways, and only one of them crosses a border.
Three ways to hold gold, three different things you are actually buying. A comparison across carrying cost, counterparty risk, liquidity and crisis behaviour — and the one question that settles which is right for you.
Tokenised treasuries are sold as democratised access to T-bill yield. Most of the large funds require qualified purchaser status — $5 million in investments — before you can hold a single token. Here are the real thresholds and where they come from.
A short list, because it is a short list. USDY for non-US holders, BENJI and WTGXX for US retail inside issuer apps — what each one legally is, how the yield reaches you, and the honest comparison against a money market fund.
Buying ONDO is not buying tokenised treasury exposure, and it is not buying equity in Ondo Finance either. The three-layer distinction that most RWA investors miss, and the one mechanism that determines whether a sector token captures anything at all.