South Africa’s Crypto Industry Grows as 63 Firms Receive Licenses

• 63 crypto firms have gained licenses to operate in South Africa. 
• The FSCA has approved a total of 138 crypto firms so far. 
• The regulator received a total of 383 applications and only rejected five of them.

The Financial Sector Conduct Authority (FSCA) of South Africa has approved licenses for 63 new cryptocurrency firms, enabling them to operate within the country and expand their global reach. The regulator initiated the licensing process in March after receiving a surge of applications from crypto companies.

With these new approvals, the total number of licensed crypto asset service providers (CASPs) in South Africa now stands at 138. Despite approving 75 firms in April, the FSCA continues to receive applications from both new and existing crypto firms, with a total of 383 applications received to date.

“A further 80 applications have been voluntarily withdrawn by applicants following engagements with the FSCA on the appropriateness of their respective business and operating models. The remaining applications continue to be under consideration.”

The FSCA had declined five applications due to either a lack of clear business models and servic…

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