South African Regulator Set to Consider Licensing

The Financial Sector Conduct Authority (FSCA), South Africa’s principal financial regulator, has reviewed 128 applications from crypto service asset providers (CASPs) and plans to discuss 36 of them during its December 12 Licensing Executive Committee meeting. The FSCA will review an additional 22 applications on February 13, and the remaining 14 applications will be considered on March 12. The FSCA’s “Crypto Assets Markets Study” for 2023, published on November 30, revealed that 60% of traded crypto in South Africa comprises “unbacked crypto assets,” excluding stablecoins and NFTs.