invezz.com
South Africa’s Financial Sector Conduct Authority (FSCA) is on track to award licenses to 60 crypto firms, as reported by Bloomberg on Wednesday.
The development underscores the country’s commitment to embracing digital currencies and ensuring a secure and regulated environment for their operation.
South Africa crypto regulation
The FSCA’s initiative follows the introduction of a new regulatory framework last year, aimed at integrating cryptocurrencies into the country’s financial landscape.
JUST IN: 🇿🇦 South Africa will license ~60 #Bitcoin and crypto platforms by the end of the month, Bloomberg reports.
— Bitcoin Magazine (@BitcoinMagazine) March 13, 2024
The move to treat crypto as a financial product marks a pivotal shift in South Africa’s approach to digital currencies, aligning with global trends towards regulation and transparency in the crypto sector.
300 firms apply for licensing
Since the framework’s inception, the FSCA has received applications from 300 firms seeking to secure their operational footing in South Africa.
The overwhelming interest highlights the crypto industry’s rapid growth and its potential to contribute significantly to the country’s financial sector.
Phased processing approach
Given the volume of applications, the FSCA is adopting a phased processing approach.
FSCA Commissioner Unathi Kamlana, in an interview with Bloomberg, emphasized the careful and systematic method being employed to evaluate the licensing applications.
We are processing those licensing applications and we’re doing so in a phased kind of manner given the numbers.
The post South Africa set to license 60 crypto firms by end of month, says report appeared first on Invezz