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South Africa set to license 60 crypto firms by end of month, says report

By:
on Mar 13, 2024
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  • FSCA is on track to award licenses to 60 crypto firms.
  • The move is aimed at treating crypto as a financial product.
  • FSCA has got applications from 300 firms seeking to secure their footing in South Africa.

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South Africa’s Financial Sector Conduct Authority (FSCA) is on track to award licenses to 60 crypto firms, as reported by Bloomberg on Wednesday.

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The development underscores the country’s commitment to embracing digital currencies and ensuring a secure and regulated environment for their operation.

South Africa crypto regulation

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The FSCA’s initiative follows the introduction of a new regulatory framework last year, aimed at integrating cryptocurrencies into the country’s financial landscape.

The move to treat crypto as a financial product marks a pivotal shift in South Africa’s approach to digital currencies, aligning with global trends towards regulation and transparency in the crypto sector.

300 firms apply for licensing

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Since the framework’s inception, the FSCA has received applications from 300 firms seeking to secure their operational footing in South Africa.

The overwhelming interest highlights the crypto industry’s rapid growth and its potential to contribute significantly to the country’s financial sector.

Phased processing approach

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Given the volume of applications, the FSCA is adopting a phased processing approach.

FSCA Commissioner Unathi Kamlana, in an interview with Bloomberg, emphasized the careful and systematic method being employed to evaluate the licensing applications.

We are processing those licensing applications and we’re doing so in a phased kind of manner given the numbers.

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