South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA), has started licensing cryptocurrencycurrency businesses. This measure is intended to control the booming cryptocurrencycurrency business and protect customers from financial hazards. South Africa has broken the record by becoming the first African jurisdiction to approve cryptocurrencycurrency exchanges.
According to Reuter’s recent report, the FSCA received 355 license applications, is now processing around 262 licensing applications from cryptocurrency exchanges, and has already accepted 59 as of March 12, 2024. This suggests an increase in interest from cryptocurrencycurrency businesses looking to operate legally in the country.
According to Bloomberg, the Financial Advisory and Intermediary Services Act (FAIS) will oversee cryptocurrencycurrency enterprises that file applications by November 30, 2023.
The FSCA commissioner, Unathi Kamlana, shared the report with Bloomberg, stating:
“As we license and monitor, we may learn that there are gaps that cannot be filled by the current regulatory framework, the FAIS Act. And we may need to expand on it as we learn what they are.”
The FSCA legislation also authorizes the central bank’s Financial Surveillance Department to monitor cryptocurrencycurrency transactions and prevent potential financial crimes such as money laundering.
