Scramble in SA crypto market ahead of licencing round
- Stitch, a South African payments infrastructure company, has launched a new payment method called 'Pay with Crypto,' enabling customers to use cryptocurrency directly when purchasing goods and services.
- Paycorp, another fintech company in South Africa, has launched an app called CryptoExpress that allows users to withdraw their cryptocurrency as cash at over 3,000 ATMs across the country.
- The Financial Sector Conduct Authority (FSCA) of South Africa has completed assessments of 36 firms out of the 74 under consideration for operational licenses.
The expansion of cryptocurrency offerings in South Africa, driven by payment firms and fintech companies, shows a growing acceptance and demand for digital currencies in the country. The introduction of new payment methods and apps that enable cryptocurrency transactions will likely contribute to the further adoption of cryptocurrencies in South Africa. However, regulatory oversight and ensuring accountability of crypto companies will be crucial for the sustainable growth of the industry.
