South Africa

Absa

2026-10-02 07:55:21

South Africa’s Absa launches digital asset custody service

Absa Group, a South African bank, said it has become the first bank on the African continent to offer digital asset custody services. The move is aimed at entering a market valued at about $1.5 billion. The update was carried by Techub News, citing Bloomberg Crypto. No additional rollout details were disclosed in the brief. The announcement positions Absa as an early bank entrant in Africa’s digital asset custody segment, based on the information provided.

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South Africa

2026-09-21 11:41:09

South African crypto firms pause 2.2 billion rand in trades over proposed FX controls

South African crypto companies have paused at least 2.2 billion rand, or about $120 million, in transactions as proposed foreign exchange control rules could restrict the use of digital assets in cross-border payments, according to Techub News citing Crypto.news. People familiar with the matter said the move shows how the industry is responding to regulatory uncertainty. The report points to concern that the proposed rules may limit one of the key use cases for digital assets in the country: moving value across borders. No further details were disclosed on which firms were involved or how long the suspension may last, but the reported figure gives a sense of the scale already affected.

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Absa CIB

2026-09-21 10:52:54

Absa CIB launches Ripple-based digital asset custody platform in South Africa

Absa Corporate and Investment Banking said on Sept. 21 that it has officially launched Absa Digital Asset Custody, an institutional-grade platform built on Ripple’s custody technology. Absa CIB described the offering as a first for Africa’s digitalization push. A managing director for Ripple in the Middle East and Africa said the partnership is intended to provide African institutions with a secure and compliant digital asset custody solution. The launch, according to the report cited by Techub News, marks a new stage for the institutional crypto market in Africa. The item was attributed to CoinGape.

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South Africa

2026-09-21 10:46:21

South Africa plans to bring crypto assets under exchange controls as $135 million in deals are halted

South Africa is preparing regulatory changes that would place crypto assets under the country’s exchange control regime and curb their use in cross-border transactions, according to Bloomberg, citing people familiar with the matter. The proposal has already affected deal flow: at least three transactions with a combined value of 2.2 billion rand, or about $135 million, have been paused, including an investment by a private equity firm. The government plans to make the change by updating the Currency and Exchanges Act, bringing crypto into the framework used to manage capital flows. Officials say the goal is to strengthen oversight of cross-border transactions and reduce risks tied to regulatory arbitrage and illicit fund movements. The rules are still in draft form. The South African Reserve Bank said it will keep refining the proposal based on public comments and feedback from stakeholders, with the consultation period running through Sept. 30.

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South Africa

2026-09-21 10:40:43

South African crypto firms halt billions of rand in trades over proposed FX control changes

South African digital asset firms have paused trades worth billions of rand as regulators prepare potential rule changes, according to Bloomberg. The proposed amendments would bring cryptocurrencies under the country’s foreign exchange control regime and place limits on their use in cross-border transactions. The move centers on a regulatory adjustment plan rather than an announced final rule, but it has already led companies in the sector to stop a sizable volume of trading activity. Bloomberg said the affected transactions amount to billions of rand. The proposal would specifically fold crypto into South Africa’s exchange control system, extending oversight to an area that had not been treated the same way under the current framework. It would also curb how cryptocurrencies can be used across borders.

320

De Beers

2026-09-06 05:13:40

De Beers to halt South Africa’s Venetia mine for two years as lab-grown diamonds erode the scarcity narrative

De Beers, the world’s largest diamond miner, said on July 13 that its flagship Venetia mine in South Africa will stop production for two years, even though the asset had been expected to run until 2040. The move threatens more than 1,200 jobs, according to a local mining union cited by Wall Street Journal reporter Alexandra Wexler, who reported from Musina near the South African border. In a region where unemployment is above 40%, miners have few alternatives. The report frames the shutdown against a broader change in the diamond market. New York-based independent analyst Paul Zimnisky said about 10 major diamond mines worldwide have been suspended or closed over the past two years, with output down roughly 25% from five years ago. Prices have kept falling anyway: the average price for a one-carat natural diamond has dropped to $3,415, nearly half its level a decade ago, while a one-carat lab-grown diamond has fallen 89% over the same period to $595. De Beers has responded by leaning back into natural diamonds and their scarcity story, backed by its largest marketing budget in a decade. But demand patterns are shifting. The Knot Worldwide’s 2026 Real Weddings Study found lab-grown stones accounted for 61% of engagement-ring center-stone purchases, up 239% from 2020.

370

INTERPOL

2026-08-29 11:51:30

INTERPOL and 22 countries arrest 58 suspects in crypto investment scam case

INTERPOL said a joint enforcement operation spanning 22 countries led to the arrest of 58 suspects tied to a cryptocurrency investment scam and the identification of 263 related individuals. South African authorities seized $2.67 million and froze 257 accounts, while Romanian authorities separately arrested 11 people connected to the case. The operation ran from November 2025 to June 2026 and targeted West African criminal groups. INTERPOL said investigators tracked the movement of illicit funds, and authorities in Argentina dismantled a criminal network that had provided money-laundering support to the West African groups. The report was cited by Techub News and attributed to crypto.news.

370

South Africa

2026-08-09 09:36:32

South Africa Proposes Restricting Corporate Crypto Transfers; VALR CEO Warns of Oversight Risk

South Africa's National Treasury and the South African Reserve Bank (SARB) have published draft rules on cross-border crypto transfers, setting different treatment for individuals and companies. Under the draft, individual residents are allowed to send crypto assets overseas within existing foreign-exchange limits, while corporate cross-border crypto transactions would be restricted. The draft also lists certain inbound transfers from private non-custodial self-custody wallets as unacceptable for local crypto asset service providers (CASPs). Farzam Ehsani, co-founder and CEO of crypto trading platform VALR, warned that unless key clauses are substantially revised, the framework could damage South Africa's digital asset industry and drive funds abroad. He argued the restrictions could push both businesses and retail investors to offshore venues. Ehsani also said that barring regulated firms from handling legitimate corporate deals, especially cross-border stablecoin payments, could push transactions underground or overseas, weakening the very visibility and monitoring that regulators want. The Treasury and SARB are now collecting public feedback, with submissions due by September 30.

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