Ehsani disclosed on LinkedIn that he had heard of two deals worth billions of rand from international investors that have been put on hold due to the draft manual. Industry peers echoed the concern, with one commentator noting that "two deals paused means more will follow if clarity doesn't come fast." Luno, another leading South African exchange, argued that executive branch changes to a 65-year-old framework undermine democratic oversight and leave South African businesses "out of step" with the international ecosystem, signalling potential legal challenges if Treasury attempts to bypass parliament.
The draft manual also leaves a critical monetary threshold blank, to be defined in future gazettes, making it impossible to fully assess the real-world economic impact. Public comments are due by September 30, 2026, and authorities have acknowledged both documents remain subject to refinement following stakeholder engagement. The final manual cannot be implemented until the draft Capital Flow Management Regulations are promulgated.
What to Watch
Will the final regulations preserve a regulated on-ramp for corporate cross-border stablecoin settlements, or will the prohibition stand and redirect that volume to channels beyond South African oversight?
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
