South Africa is making significant strides in the cryptocurrency world as it prepares to issue licenses to 60 crypto companies, a move welcomed by the industry. This development comes after the Financial Sector Conduct Authority (FSCA) of South Africa saw an impressive 300 applications from firms eager to operate under the country’s new regulatory framework, introduced last year. The FSCA is adopting a phased approach to processing these applications, emphasizing the importance of integrity and consumer protection under the existing Financial Advisory and Intermediary Services Act (FAIS). While the country has yet to finalize a regime for stablecoins, the current direction signals a thoughtful and open-minded approach to crypto regulation. This initiative not only legitimizes the crypto sector in South Africa but also hints at the potential for future regulatory enhancements to address emerging needs and gaps within the rapidly evolving digital assets space.

Bloomberg