The South African Reserve Bank has highlighted the absence of a comprehensive regulatory framework for cryptocurrencies and stablecoins as a new financial stability risk in its latest Financial Stability Review. The bank noted that the digital and cross-border nature of these assets could potentially bypass existing foreign exchange controls. In response, the central bank, in collaboration with the finance ministry, is developing new regulations for cross-border crypto asset transactions and plans to amend foreign exchange control regulations to include these assets under its purview.