Jurisdiction reference
South Africa
Regulator: FSCA. License/registration context: Licensing. 299 VASP/entity records are tracked by Plexo Institute in South Africa. Official registry source: FSCA CASP Register. Data last updated: 2026-09-24.
South Africa currently has no dedicated stablecoin regulatory framework. The Financial Stability Board assessed South Africa in October 2025 as having "no framework in place" for regulating global stablecoin arrangements. Stablecoins are treated as a type of crypto asset under the IFWG's 2021 Position Paper on Crypto Assets. Only crypto asset service providers are regulated under the FSCA's FAIS Act and FIC's AML/CFT requirements (since 2022). Stablecoin issuers face no prudential regulation: anyone can issue a stablecoin without regulatory approval, and there are no mandatory requirements for reserve backing, custody, disclosure, or redemption rights. The IFWG conducted Phase 1 (diagnostic) in 2024 focusing on ZAR-pegged stablecoins; Phase 2 regulatory recommendations remain pending. SARB and National Treasury are developing a comprehensive framework expected to progress in 2026, including cross-border crypto transaction oversight and potential amendments to exchange control regulations.
Regulatory Status
- Jurisdiction code
- ZA
- Regime
- Licensing
- Regulator
- FSCA
- Governing law
- FAIS Act / Declaration 44
- Travel Rule
- Enforced
- Tracked entities
- 299
- Recognized stablecoin backing
- fiat-backed, crypto-backed, commodity-backed, algorithmic
- Yield-bearing stablecoins
- Restricted
- Currency
- ZAR
Regulatory approach
SARB: Central bank responsible for financial stability, prudential regulation of banks, and monetary policy. Currently developing stablecoin prudential framework in collaboration with National Treasury. November 2025 flagged crypto/stablecoins as new financial stability risk; published draft e-money directive potentially capturing fiat-referenced stablecoins. Expects regulatory progress in 2026. FSCA: Market conduct regulator supervising ~300 licensed crypto asset service providers (intermediaries, exchanges, advisors) under FAIS Act since October 2022. Does NOT regulate stablecoin issuers as product providers. Established Crypto Asset Supervisory Engagement Forum (August 2025). FIC: AML/CFT/CPF supervisor requiring crypto asset service providers to be accountable institutions since December 2022, including KYC and suspicious transaction reporting obligations.
Licensed entities in South Africa
Showing 100 of 299 regulated-entity records tracked in South Africa by Plexo Institute.
| Entity | Status | License type |
|---|---|---|
| 4am Asset Management | Licensed | CAT I & II |
| 8tech | Licensed | CAT I |
| A Division OF Firstrand Bank | Licensed | CAT I |
| Abf Trade Connect | Licensed | CAT I |
| Absolut Asset Management | Licensed | CAT I & II |
| Absolut Wealth Management | Licensed | CAT I |
| Abundantia Capital | Licensed | CAT I & II |
| Adfinity Financial Consulting CC | Licensed | CAT I |
| Afrafin | Licensed | CAT I & II |
| African Ivy Investment Holdings | Licensed | CAT I |
| Afridax | Licensed | CAT I |
| Aim Fintech | Licensed | CAT I |
| Algohive | Licensed | CAT I & II |
| Alpha Private Capital | Licensed | CAT I, II & II |
| Alpha Wealth | Licensed | CAT I, II & II |
| Altcoin Trader | Licensed | CAT I & II |
| Altify SA Capital | Licensed | CAT I & II |
| Altify SA Das | Licensed | CAT I & II |
| Altitude Asset Management | Licensed | CAT I & II |
| Altitude Financial Solutions | Licensed | CAT I |
| Amadwala Risk And Wealth Consulting | Licensed | CAT I |
| Ami Trading | Licensed | CAT I & II |
| Androc | Licensed | CAT I |
| Approach Administration | Licensed | CAT I |
| Apzor | Licensed | CAT I & II |
| Arbatunity | Licensed | CAT I & II |
| Arc Capital | Licensed | CAT I & II |
| Arc Markets | Licensed | CAT I |
| Ascor Independent Wealth Managers CC | Licensed | CAT I |
| Attrix | Licensed | CAT I |
| Azanvest | Licensed | CAT I |
| Banque Syz | Licensed | CAT I |
| Berneray Financial | Licensed | CAT I |
| Beta Capital | Licensed | CAT I & II |
| Biocertica Wealth Management | Licensed | CAT I & II |
| Bird Private Client Wealthcare | Licensed | CAT I & II |
| Bityaris | Licensed | CAT I |
| Black Onyx Currency Hub | Licensed | CAT I & II |
| Blockchain Currency Hub | Licensed | CAT II |
| Blockkoin | Licensed | CAT I |
| Blue Asset FS Africa | Licensed | CAT I |
| Bluetrino | Licensed | CAT I |
| Bondcoin | Licensed | CAT I |
| Buffshelfco 63 | Licensed | CAT I |
| Caep Asset Managers | Licensed | CAT I, II & II |
| Cape Crypto | Licensed | CAT I |
| Capta Forex | Licensed | CAT I |
| Capta Invest | Licensed | CAT I |
| Capta Wealth | Licensed | CAT I |
| Cardiff Capital Management CC | Licensed | CAT I |
| Caveat Capital Management | Licensed | CAT I & II |
| Cbcx Markets | Licensed | CAT I |
| Ceg Financial Services | Licensed | CAT I |
| Centric Wealth Advisory | Licensed | CAT I |
| CH Finserv | Licensed | CAT I |
| Chainex | Licensed | CAT I |
| Cheezeebit Global | Licensed | CAT I |
| Clainos Capital | Licensed | CAT I & II |
| Coin Pro | Licensed | CAT I |
| Collabtech | Licensed | CAT I & II |
| Compound Group | Licensed | CAT I |
| Consolidated Evolution | Licensed | CAT I & II |
| Consolidated Wealth | Licensed | CAT I & II |
| Continar Group | Licensed | CAT I |
| Count Capital | Licensed | CAT I & II |
| Cpt Markets | Licensed | CAT I |
| Credence Capital | Licensed | CAT I |
| Crisscross Tech | Licensed | CAT I |
| Crypto Consult | Licensed | CAT I & II |
| Cryptoarb | Licensed | CAT I & II |
| Currenc Group | Licensed | CAT I & II |
| Currency Assist | Licensed | CAT I |
| Currency Hub Markets | Licensed | CAT I & II |
| Currency Partners | Licensed | CAT I |
| Custodian Dfm | Licensed | CAT I & II |
| Custodian Investment Managers | Licensed | CAT I & II |
| D And D The Cycle | Licensed | CAT I |
| D And S Financial Solutions | Licensed | CAT I |
| Dalebrook Capital | Licensed | CAT I & II |
| DEX Bit | Licensed | CAT I |
| Digi EX Pro | Licensed | CAT I |
| Dimensity Capital | Licensed | CAT I & II |
| Dooya | Licensed | CAT I & II |
| Doshx | Licensed | CAT I |
| Duepoint Network Consultants | Licensed | CAT I |
| EA Capital | Licensed | CAT I |
| EC Advantage | Licensed | CAT I |
| Eccentricity Capital | Licensed | CAT I |
| Efficient Financial Services | Licensed | CAT I |
| Efficient Private Clients | Licensed | CAT I & II |
| Efs Financial Advisory | Licensed | CAT I |
| Elite Financial Services | Licensed | CAT I |
| Epic Life Financial Sevices | Licensed | CAT I |
| Etfsa Portfolio Management Company | Licensed | CAT I & II |
| Exclusive Advisory Services | Licensed | CAT I |
| Exstream Global Markets | Licensed | CAT I & II |
| Fairbairn Consult | Licensed | CAT I |
| Feature | Licensed | CAT I |
| Fibonacci Asset Management | Licensed | CAT I & II |
| Financial And Corporate Service CC | Licensed | CAT I |
Browse all 299 records in the regulated-entity registry, including the remaining 199 in South Africa.
Stablecoin laws in South Africa
Primary legal texts Plexo Institute tracks for South Africa.
- SARB Draft Authorisation Framework for E-Money and Payment Activities (Draft) (enacted 2025-11-14)
STATUS: DRAFT - NOT YET LAW. Public consultation period closed 5 December 2025. Proposes expanded definition of "e-money" that would potentially capture fiat-backed stablecoins within SARB's prudential regulatory framework. Would require authorization, capital requirements, governance standards, client fund safeguarding, and regulatory reporting for covered issuers. Finalized rules expected 2026.
- Financial Intelligence Centre Act, 38 of 2001 (FICA) - Amendment to Schedule 1 (enacted 2022-12-19)
Designates Crypto Asset Service Providers as "accountable institutions" under Schedule 1 of FICA (via Government Gazette 47596, published 29 November 2022). Requires all CASPs to register with FIC and implement AML/CFT/CPF compliance programs, including KYC, suspicious transaction reporting, and risk-based monitoring. No anonymous crypto transactions legally permitted in South Africa.
- FSCA Declaration of Crypto Assets as Financial Products (enacted 2022-10-19)
Declared all crypto-assets (including stablecoins) as financial products under the Financial Advisory and Intermediary Services (FAIS) Act, requiring registration and compliance.
- FSCA General Notice 1350 of 2022 - Declaration of Crypto Assets as Financial Product (enacted 2022-10-19)
FSCA declares crypto assets as "financial products" under the FAIS Act, establishing a licensing regime for Crypto Asset Service Providers (CASPs). Defines crypto assets as digital representations of value using cryptographic techniques and distributed ledger technology. Exempts crypto miners and NFT service providers from licensing requirements.
- Position Paper on Crypto Assets (SARB / Intergovernmental Fintech Working Group - IFWG) (enacted 2021-06-11)
Outlined South Africa's regulatory stance on crypto-assets, recommending AML/CFT compliance, licensing, and integration of stablecoins under financial regulation.
- SARS Crypto-Asset Reporting Framework (CARF) Regulations (Draft)
STATUS: DRAFT - NOT YET LAW. Tax-focused regulations requiring reporting of crypto holdings and transactions for international exchange of information and tax compliance. Not directly regulating stablecoin issuance, but creates reporting obligations.
Central bank digital currency in South Africa
Plexo Institute tracks 1 central bank digital currency programme in South Africa.
- Digital Rand — Status: Research · Central bank: South African Reserve Bank (SARB) · Model: Wholesale · Technology: Quorum/ConsenSys (Project Khokha)
Relationship Graph
Jurisdiction FAQ
Who regulates South Africa?
The current Plexo Institute record lists FSCA as the regulator for South Africa.
How many VASPs are tracked in South Africa?
299 VASP/entity records are tracked by Plexo Institute in South Africa.
What is the Travel Rule status in South Africa?
The current Plexo Institute record lists the Travel Rule status for South Africa as Enforced.
Source Evidence
This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.