Regulator: South African Reserve Bank (SARB); Financial Sector Conduct Authority (FSCA); Financial Intelligence Centre (FIC)
South Africa currently has no dedicated stablecoin regulatory framework. The Financial Stability Board assessed South Africa in October 2025 as having "no framework in place" for regulating global stablecoin arrangements. Stablecoins are treated as a type of crypto asset under the IFWG's 2021 Position Paper on Crypto Assets. Only crypto asset service providers are regulated under the FSCA's FAIS Act and FIC's AML/CFT requirements (since 2022). Stablecoin issuers face no prudential regulation: anyone can issue a stablecoin without regulatory approval, and there are no mandatory requirements for reserve backing, custody, disclosure, or redemption rights. The IFWG conducted Phase 1 (diagnostic) in 2024 focusing on ZAR-pegged stablecoins; Phase 2 regulatory recommendations remain pending. SARB and National Treasury are developing a comprehensive framework expected to progress in 2026, including cross-border crypto transaction oversight and potential amendments to exchange control regulations.
Applicable Laws:
FSCA Declaration of Crypto Assets as Financial Products - https://www.gov.za/sites/default/files/gcis_document/202210/47334gen1350.pdf
Position Paper on Crypto Assets (SARB / Intergovernmental Fintech Working Group - IFWG) - https://www.resbank.co.za/content/dam/sarb/publications/media-releases/2021/fintech/IFWG%20CAR%20WG%20Position%20paper%20on%20crypto%20assets.pdf
FSCA General Notice 1350 of 2022 - Declaration of Crypto Assets as Financial Product - https://www.gov.za/sites/default/files/gcis_document/202210/47334gen1350.pdf
Financial Intelligence Centre Act, 38 of 2001 (FICA) - Amendment to Schedule 1 - https://www.gov.za/sites/default/files/gcis_document/202211/47596gon2800.pdf
SARB Draft Authorisation Framework for E-Money and Payment Activities (Draft) - https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/consultation-documentation/Authorisation%20Framework%20-%2014%20November%202025.pdf
