South Africa’s Crypto Grew 52% in A Bear Market. Then Came the Permission Slips

South Africa’s crypto economy grew 52% to $39.3 billion in the year to June 2026 during a global bear market, with cross-border stablecoin transfers and crypto service flows leading growth. On August 3, Treasury and the South African Reserve Bank published draft rules that would let individuals send crypto offshore only through authorized local providers within existing foreign allowances and bar companies from cross-border crypto transfers. The Financial Sector Conduct Authority had licensed 310 crypto asset service providers by March 31, but cross-border work would require separate SARB authorization under a three-tier system not yet in force. On October 21, Finance Minister Enoch Godongwana said Treasury would aim to publish a revised second draft after thousands of public comments.