South Africa Grants Crypto Asset Licenses To 75 Companies
- South Africa's FSCA has licensed 75 institutions as crypto asset service providers (CASPs).
- Some of the licensees include South African crypto exchanges like Luno, VALR, and Altcoin Trader.
- The FSCA does not regard any crypto asset as currency but defines them as digital representations of value.
The licensing of crypto asset service providers by the FSCA in South Africa is a positive step towards regulating the crypto sector. By licensing popular exchanges like Luno, VALR, and Altcoin Trader, the FSCA is ensuring that these platforms operate within the legal framework and provide a safe environment for users. However, it is important for investors and users to understand that crypto assets are not considered legal tender or traditional currencies.
