South Africa’s Regulator Greenlights Crypto Asset Providers for Licensing
- The FSCA has approved 75 crypto asset service providers (CASPs) to operate in South Africa.
- CASPs have been categorized based on their licenses, with some holding Category I licenses and others holding both Category I and II licenses.
- The authorization does not mean recognition of crypto assets as legal tender or currency.
The approval of 75 crypto asset service providers in South Africa by the FSCA is a positive development for the crypto industry in the country. It provides a regulated environment for investors and promotes transparency. However, the clarification that the authorization does not mean recognition of crypto assets as legal tender or currency may limit the mainstream adoption of cryptocurrencies in South Africa.
