South Africa's Crypto Framework Seeks to Distinguish Between Stablecoins
The National Treasury and South African Reserve Bank published a draft Crypto Assets Manual for Cross-Border Activities on August 3. Super Money SA, the issuer of the ZARsc rand-backed stablecoin, supports the intent of the manual but proposes specific text for adoption.
The draft framework would treat cross-border crypto asset activity with the force of law for the first time. Super Money SA's managing director, Gideon Greaves, argues that regulation should recognize the difference between a rand-denominated stablecoin issued by a licensed South African company and a dollar-pegged token issued offshore.
Greaves notes that when a regulated rand stablecoin moves, the actual movement is only of a claim that can be redeemed in rand through a licensed provider. In contrast, a dollar-pegged token issued offshore may be converted from a rand into an offshore dollar token, effectively leaving South African value.
The submission proposes classifying instruments correctly and defining them according to their characteristics. Greaves draws on the 2026 joint communication on Crypto Assets for Domestic Payment Purposes, which recognized the potential of rand-pegged stablecoins as domestic payment instruments but excluded foreign currency-pegged stablecoins from such use.
The draft framework currently excludes resident companies and trusts from transacting cross-border in crypto assets. However, exporters, remittance operators, and payroll providers need cheaper settlement, which can be achieved through licensed providers that produce a permanent record with continuous screening.