138 crypto asset service providers now licensed in South Africa
The Financial Sector Conduct Authority (FSCA) has granted crypto asset service provider (CASP) licenses to a further 63 institutions, taking the total number of licensed CASPs in South Africa to 138. This comes after the FSCA initially approved 75 CASP licenses in April 2024.
The FSCA has received a total of 383 CASP license applications, of which 5 have been declined and 80 have been voluntarily withdrawn by applicants following discussions with the regulator on the appropriateness of their business and operating models. The remaining applications are still under consideration.
The key reasons for CASP license applications being declined include failure to meet the applicable fit and proper requirements under the Financial Advisory and Intermediary Services (FAIS) Act, particularly in terms of operational ability and competency requirements. Institutions that have had their applications declined or withdrawn are welcome to re-apply in the future, provided they can demonstrate full compliance with the licensing requirements.
The FSCA's licensing powers are limited to the authorization and supervision of CASPs only for financial services related to crypto assets, such as advice, intermediary and investment management services. This does not include the recognition of crypto assets as a legal form of tender or "cryptocurrency" - the South African Reserve Bank does not currently recognize crypto assets as currency.
The full list of the 138 licensed CASPs in South Africa can be accessed on the FSCA's website.
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