South Africa’s FSCA Grants Crypto Licenses to 75 Institutions, Clarifies Legal Status

In a recent announcement, South Africa’s Financial Sector Conduct Authority (FSCA) revealed that it has officially granted cryptocurrency licenses to 75 institutions. This confirmation comes amidst previous claims by certain crypto businesses of being the sole recipients of such licenses.

Under the Financial Advisory and Intermediary Services (FAIS) Act, the FSCA issues licenses to crypto asset service providers (CASPs). These licenses empower CASPs to offer financial services related to crypto assets, including advisory, intermediary, and investment management services.

However, the FSCA emphasized that the issuance of these licenses does not equate to the recognition of crypto assets as legal tender. The South African Reserve Bank does not currently recognize crypto assets as currency, clarifying any misinterpretations in media reports.

Among the entities granted licenses are prominent names like Luno, Altcoin Trader, and VALR. Despite receiving over 374 applications from CASPs, the FSCA meticulously evaluated and approved only 75 after a two-year process.

“The FSCA will continue to provide regular updates as these applications are processed and approved,” the regulatory body stated, underscoring its commitment to transparency and oversight in the rapidly evolving crypto landscape.

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