#SouthAfrica #CryptoRegulations #FSCA #CryptoServiceProviders #CryptoAssets #CryptoMarket #CryptoLicensing #CryptoApplicants
The Financial Sector Conduct Authority (FSCA), South Africa’s premier financial regulator, has evaluated 128 applications by crypto service asset providers (CASPs). Out of these, only 36 will be discussed at its meeting in December. Exactly how the remaining applications will be dealt with is not yet clear. FSCA’s assessment involves an intricate process of evaluating Know Your Customer (KYC) protocols, assessing data protection measures, managing cyber risks, handling complaints, and managing conflicts of interest and credit counterparty risks.
Simultaneously, the FSCA published its “Crypto Assets Markets Study” for 2023 on the same day in November. According to this study, almost half of all crypto providers in South Africa (46%) report an annual revenue between 1 and 50 million South African rand ($53,000 to $2.7 million). The South African crypto market reached its maximum monthly transaction value in November 2022, topping at over 8 billion rand (around $427 million). The FSCA issued a stern warning in July 2023 that all CASPs in the nation are required to secure a license by the end of the year.
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