SOUTH AFRICA GRANTS CRYPTO LICENCES TO 248 FIRMS, ANOTHER 56 APPLICANTS IN PIPELINE!

South Africa's Financial Sector Conduct Authority (FSCA) has approved licenses for 248 crypto asset service providers (CASPs), with 56 more applications pending review.

This significant development highlights South Africa's efforts to regulate and legitimize the cryptocurrency industry within its borders.

The FSCA has been rigorous in its evaluation process, declining nine applications due to failure to meet the required "fit and proper" standards under the FAIS Act. Additionally, 106 applicants voluntarily withdrew their applications after engaging with the regulator.

Key Highlights:

Total Applications Received: 420

Approved Licenses: 248

Pending Applications:56

Declined Applications:9

Voluntary Withdrawals: 106

The FSCA's regulatory framework aims to ensure the integrity and security of the crypto sector, protecting consumers and preventing illicit activities.

As the cryptocurrency market continues to evolve, South Africa's proactive approach to regulation may set a precedent for other countries to follow.