South Africa’s proposed restrictions on corporate cross-border stablecoin transactions have triggered opposition from cryptocurrency companies that warn the rules could drive activity offshore or into unregulated markets. Draft regulations from the South African Reserve Bank and National Treasury would prohibit South African companies from making cross-border crypto transfers and restrict incoming payments from private wallets. Outgoing crypto transfers would also be treated as offshore capital movements under existing exchange control rules. Industry executives argue the restrictions could make South African businesses less competitive by forcing them to rely on slower and more expensive banking channels. Supporters, including Absa, say bringing crypto platforms within exchange-control rules would create clearer oversight. Public comments on the proposal are due by the end of September.