South Africa’s crypto economy hit $39.3 billion as draft rules target cross-border transfers

South Africa’s crypto economy grew 52% to $39.3 billion in the year through June 2026, according to Chainalysis data cited by Be In Crypto. The report said tracked activity increased across categories, with commercial payments involving merchants and peer-to-peer traders reaching $8.34 billion and growing faster than institutional activity, which recorded $1.29 billion in inflows. Across sub-Saharan Africa, stablecoin inflows through P2P channels totaled $14.6 billion, matching Bitcoin. The growth figures come as South African authorities move to tighten oversight of crypto asset flows. On Aug. 3, the National Treasury and the South African Reserve Bank, or SARB, released a draft framework for crypto asset management. Under the proposal, individuals would only be allowed to transfer crypto assets abroad through authorized local service providers and within existing offshore allowance limits. Companies, meanwhile, would be barred from moving crypto assets across borders. As of March 31, the Financial Sector Conduct Authority, or FSCA, had issued licenses to 310 crypto asset service providers. Those firms would still need separate authorization from SARB. Finance Minister Enoch Godongwana said the Treasury aims to publish a revised second draft after receiving thousands of public comments, though no timetable has been released.