South Africa Risks Missing Out on $33 Trillion Stablecoin Market

South Africa's proposed Capital Flow Management Regulations could limit business access to a $33 trillion stablecoin payment market, warned Luno CEO James Lanigan. The regulations, intended to modernize the country's exchange-control framework, have been met with industry concern over enforcement language and fears about crypto ownership limits.

The public comment deadline was extended from May 18 to June 30, 2026, after regulators clarified that they do not intend to criminalize asset ownership or apply rules retrospectively. However, the uncertainty around practical implementation remains unresolved, especially for companies trying to evaluate real operational exposure before committing payment systems and compliance resources.

Lanigan pointed out that stablecoins have already become business payment infrastructure, not just speculative instruments for ordinary crypto investors. He cited Bloomberg data showing that stablecoins accounted for $33 trillion in payments and blockchain transfers in 2025, nearly double Visa's $17 trillion.