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South Africa Is Poised to License 60 Crypto Firms by Month End: Bloomberg

13.03.2024

South Africa’s financial regulator is set to award licenses to 60 crypto firms, Bloomberg reported on Wednesday.

The regulator received applications from 300 firms since its new framework commenced last year.

“We are processing those licensing applications and we’re doing so in a phased kind of manner given the numbers,” Financial Sector Conduct Authority Commissioner (FSCA) Unathi Kamlana said in an interview with Bloomberg.

Crypto companies that wanted to continue operating in the country had to apply for a license with the FSCA from June 1. In 2022 the country said it wanted to treat crypto as a financial product.

CoinDesk reached out to the FSCA for a comment.

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13.03.2024
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