As per Bitcoin.com, South Africa’s Financial Sector Conduct Authority (FSCA) has approved 248 out of 420 crypto asset service provider (CASP) license applications as of December 10, 2024. The regulator noted that 106 applications were voluntarily withdrawn and 56 remain under review. Declined applications failed to meet fit and proper requirements, particularly in operational ability and competency. Unauthorized crypto activities will face regulatory action, and licensed providers have until June 30 to meet compliance standards. The FSCA clarified that licensing does not equate to legal tender status for crypto assets.
South Africa Crypto Sector Gains Regulatory Lift as 248 Providers Secure Licenses
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Summary
South Africa’s crypto sector is seeing a regulatory boost as the FSCA approved 248 out of 420 CASP license applications by December 10, 2024. A further 106 applications were withdrawn, while 56 remain pending. Unlicensed firms risk enforcement. Crypto liquidity and markets now face clearer oversight, with licensed providers given until June 30 to meet compliance. The regulator stressed that BTC as hedge against inflation doesn’t grant legal tender status.
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