South Africa Aims to Ban Company Stablecoin Transfers Amid Controversy

South Africa's Reserve Bank and National Treasury have jointly proposed banning companies from making cross-border stablecoin transfers, while leaving individual allowances of up to R2m intact.

The proposal aims to force borderless digital tokens back into the country's exchange control machinery. Under the draft rules, South African companies would be unable to make any cross-border crypto transfers, and incoming payments from private wallets would be blocked.

However, individuals can still move up to 2 million rand annually without pre-clearance and up to 10 million rand with tax authority approval.