**[South African Central Bank Lists Cryptocurrencies and Stablecoins as New Financial Risks]** According to Bloomberg, the South African Reserve Bank (SARB) has warned that crypto assets and stablecoins, due to a lack of comprehensive regulation, have become new risks threatening the country's financial industry. In its semi-annual *Financial Stability Review*, the SARB pointed out that the digital and cross-border nature of cryptocurrencies allows them to circumvent existing foreign exchange control laws, while digital assets have yet to be incorporated into regulatory frameworks. Herco Steyn, the central bank's lead macroprudential expert, stated that the risk stems from an "incomplete regulatory framework." He anticipates progress next year but cautioned that if progress stalls, "regulation will be inadequate." Currently, the South African Reserve Bank is working with the Treasury to draft new rules for regulating cross-border crypto asset transactions and revising foreign exchange control laws to include digital assets. The central bank emphasized that as crypto asset adoption increases, the domestic regulatory framework must continuously adapt to market developments and risks. Data shows that South Africa's crypto industry is dominated by three major platforms: Luno, VALR, and Ovex. As of July, there were nearly 7.8 million registered users, and by December 2024, total assets are expected to reach 25.3 billion rand.