Africa Crypto News: South Africa Still Hesitates Over Stablecoins

South Africa may still revise its upcoming stablecoin rules. The South African Reserve Bank (SARB) says its approach is “not settled”, as a coalition bringing together VALR, Luno, AltCoinTrader and EasyEquities challenges proposed restrictions on cross-border crypto transfers. The stakes are already significant: nearly 27 billion rand in USDT transactions were recorded on three major local platforms in one year.

Africa Crypto News: SARB Leaves the Door Open

The central bank confirmed to TechCentral that the provisions currently under discussion remain draft proposals. Public consultation on the Crypto Asset Manual for Cross-Border Activities is due to continue until September 30, 2026.

This opening comes just days after Bref Crypto detailed South Africa’s new restrictions on cross-border crypto transfers.

The current draft would notably prevent a resident entity from carrying out certain crypto transactions considered an import or export of capital. The SARB and the Treasury want to prevent digital assets from becoming a way to circumvent exchange controls.

The SARB officially confirms that the text may still be amended after consultation. Above all, it clarifies that the framework does not make crypto an official currency and does not yet distinguish between the different types of digital assets.

27 Billion Rand in USDT Changes the Debate

Stablecoins now account for most of the economic pressure.

According to the SARB’s latest Financial Stability Review, on-chain transactions involving Tether on Luno, VALR and AltCoinTrader approached 27 billion rand during the year ended April 30, 2026. South Africa, meanwhile, had 310 licensed crypto-asset service providers at the end of March.

This is no longer a marginal market.

The central bank itself acknowledges that stablecoins are used, to a lesser extent, for international transfers and remittances. They nevertheless remain primarily used for trading, arbitrage and settlement within crypto markets.

This growth also explains why Standard Bank is now positioning itself in stablecoins and blockchain payments.

The issue for the SARB lies elsewhere: dollar-pegged tokens can facilitate payments while creating an additional channel for moving capital out of the country.

Luno and VALR Challenge the Approach

The opposition is now organized around a coalition called Catastrophe, which notably brings together VALR, Luno, AltCoinTrader and EasyEquities.

The companies are not rejecting regulation. They are mainly challenging the idea that a transaction permitted when conducted through a bank could become problematic solely because it uses a stablecoin.

Luno also believes that the proposed rules could undermine the progress made in bringing crypto activity into a regulated environment. EasyCrypto cites the example of a South African company legally receiving dollars from a foreign client in the form of a stablecoin: the economic substance is not necessarily different from a conventional bank settlement.

The debate therefore extends beyond South Africa. Stablecoins are already playing a growing role in African cross-border payments, precisely because they reduce certain banking frictions.

Pretoria must now decide how far to go. The SARB is not giving up control over capital flows. It simply acknowledges that how stablecoins should be treated remains an open question.

With 27 billion rand in USDT already traded across three platforms, the discussion is no longer theoretical.