South African Reserve Bank Flags Crypto and Stablecoins as Systemic Risk

The South African Reserve Bank has identified regulatory gaps in its oversight of digital assets as a growing threat to financial stability. Stablecoin trading volumes in the country surged from under 4 billion rand in 2022 to nearly 80 billion rand by October 2024. The central bank and National Treasury are developing stricter cross-border crypto regulations expected to take effect in 2025.