PANews reported on May 26th that, according to IOL, South Africa is moving towards clearer regulations for crypto assets, focusing on cross-border transactions rather than ownership restrictions. The South African Treasury and the South African Reserve Bank issued a statement clarifying that the proposed rules do not intend to criminalize or retroactively apply the holding of crypto assets. Meanwhile, the public comment period has been extended to June 30, 2026, and a draft framework manual for cross-border crypto assets is planned for publication, defining what constitutes a cross-border crypto transaction and specifying the obligations of authorized crypto asset service providers. South Africa has already required crypto asset service providers to register with the Financial Conduct Authority in recent years. A Chainalysis report indicates that South Africa remains one of the largest crypto markets in Africa.