Overview
- The three largest local exchanges counted 7.8 million registered users by July 2025, reflecting rapid retail penetration.
- Platforms held about $1.5 billion in client assets at the end of 2024, according to the central bank’s review.
- USD‑pegged stablecoins have become the main trading pairs on South African platforms since 2022 due to lower price volatility.
- The review warns that borderless digital assets could be used to bypass Exchange Control Regulations governing capital flows.
- Policy gaps persist as the FSB notes no framework for global stablecoins, prompting the SARB to urge a coordinated national response despite FSCA licensing of crypto firms.