South African Reserve Bank flags crypto risks as users reach 7.8 million
SARB highlights regulatory gaps in crypto as South Africa reaches 7.8M users and $1.5B in custody.
User growth and custody volumes
South Africa’s three largest cryptocurrency exchanges—Luno, VALR, and Ovex—now serve 7.8 million users as of July 2025. These platforms held about $1.5 billion (R25.3 billion) in crypto custody by the end of 2024. The South African Reserve Bank (SARB) tracks this expansion in its First 2025 Financial Stability Review. Adoption reflects broader African trends, where crypto remittances and savings draw users despite volatility. The number of accounts nearly doubled since early 2022, driven by economic pressures like high inflation and currency depreciation.
Stablecoin shift in trading
USD-pegged…
