South Africa’s Crypto Economy Grows 52% to $39.3 Billion

South Africa’s crypto economy reached $39.3 billion in the year through June 2026, up 52%, as the government seeks to revise proposed rules on cross-border crypto transfers.

Merchant and peer-to-peer (P2P) crypto payments totaled $8.34 billion during the year and grew faster than institutional activity. Institutional crypto inflows were $1.29 billion.

An Aug. 3 draft by the National Treasury and South African Reserve Bank (SARB) would allow individuals to transfer crypto abroad only through authorized local providers and within existing offshore limits. It would bar businesses from making cross-border crypto transfers.

South Africa’s Financial Sector Conduct Authority (FSCA) had licensed 310 crypto-asset service providers as of March 31. Those firms also need SARB authorization.

After thousands of public comments, Finance Minister Enoch Godongwana said the Treasury would seek to publish a revised second draft. No timeline has been announced.