Applications poured in before the Nov. 30 deadline, so more approvals could be on the way.
South Africa’s Financial Sector Conduct Authority (FSCA) has approved 59 license applications from cryptocurrency platforms, according to Reuters. They will be regulated under current law.
The FSCA has 262 licensing applications from crypto exchanges in processing, out of a total of 355 applicants, Reuters said, citing FSCA divisional executive Felicity Mabaso. The 59 approvals were granted on March 12. The crypto companies have applied under a deadline of Nov. 30, 2023, according to Bloomberg, and will be regulated under the Financial Advisory and Intermediary Services Act (FAIS).
The act will provide new customer protections and allow regulators to take enforcement actions. It authorizes the South African Reserve Bank (SARB) Financial Surveillance Department to conduct supervision. FSCA Commissioner Unathi Kamlana told Bloomberg:
