Regulatory Breakthrough: 75 Institutions Authorized as Crypto Service Providers in South Africa

The Financial Sector Conduct Authority (FSCA) in South Africa announced on April 22 that it has approved 75 institutions as licensed crypto asset service providers (CASPs). Aiming to address misconceptions caused by media reports. 

The FSCA, responsible for overseeing the financial services industry. Granted licenses to these CASPs and continues to review applications from others, totaling 374 so far. While recent media coverage suggested only a few operators were approved, the FSCA clarified that the list of licensed CASPs aims to counter these misconceptions and emphasized that CASP authorization does not equate to recognizing cryptocurrencies as legal tender. The FSCA urged the public to disregard reports implying such recognition.

Clever Robot News Desk 25^th April 2024