63 Crypto Asset Service Providers Receive Approval in South Africa

South Africa’s financial services regulator, the FSCA, announced on July 2 the approval of 63 additional crypto asset service provider (CASP) licenses, raising the total to 138. 

Out of 383 applications received, five were rejected for not meeting regulatory requirements, and 80 were voluntarily withdrawn. The FSCA clarified that these approvals do not recognize crypto assets as legal tender or cryptocurrency in South Africa. 

Rejected applicants may reapply if they meet the criteria, but they cannot engage in CASP activities until approved. Unauthorized activities will result in regulatory action.

Clever Robot News Desk 6^th July 2024