South Africa has issued 63 licenses to crypto asset service providers

Financial Sector Conduct Authority (FSCA), the regulatory body for the financial services industry in South Africa, has issued 63 licenses to cryptocurrency asset service providers (CASP). These approved licenses bring the total number of CASPs allowed to operate in South Africa to 138. In a statement released on July 2, the FSCA reported that it had received 383 applications from entities seeking to provide crypto-related services. Of these, 5 applications were rejected for not meeting the "fit and proper person" requirement as stipulated by local financial services regulations. In addition, 80 applications were voluntarily withdrawn by the applicants after contact with the financial services regulatory authority.