According to ChainCatcher, the enforcement department of the Financial Sector Conduct Authority (FSCA) of South Africa has set up a team to investigate individuals or entities operating crypto financial services without proper licenses. Currently, 30 cases are under review.
The FSCA aims to protect the public and maintain industry fairness by taking decisive action against illegal crypto businesses. The regulator will also publish its findings and issue warnings if it finds unregistered crypto businesses.
The FSCA has provided a grace period until November 30, 2023 to submit license applications before classifying crypto assets as financial products on October 19, 2022.
