South Africa Authorizes 63 New Cryptocurrency Permits
The Financial Sector Conduct Authority (FSCA) of South Africa has seen a significant increase in the number of licensed Crypto Asset Service Providers (CASPs) over the past few months. As of June 30, 2024, the total number of licensed CASPs stands at 138, a marked increase from the 75 licensed providers on April 22, 2024.
This growth is a result of ongoing licensing and regulatory enforcement since the process began on June 1, 2023. In the second quarter of 2024 alone, the FSCA approved 63 new applications, indicating a steady increase in the adoption of cryptocurrencies and blockchain technology in the country.
Kotani Pay is one of the newest licensees among the 63 approved CASPs in the second quarter. The FSCA has received a total of 383 CASP license applications since the process began, with 80 applicants voluntarily withdrawing following discussions about the appropriateness of their business models.
The FSCA has published a comprehensive list of all 138 licensed CASPs on its official website, providing transparency and assurance to the public about the legitimacy of these service providers.
It's worth noting that the main reasons for license application rejections include failure to meet operational ability requirements and an inability to demonstrate the required knowledge and practical experience in crypto assets. The FSCA is currently considering the remaining applications, and institutions with declined or withdrawn applications can re-apply if they can demonstrate full compliance with licensing requirements.
Unauthorized CASP-related activities will be subject to regulatory action, except for those who applied by November 30, 2023, and are awaiting application finalization. This grace period is intended to provide a transition period for existing service providers to comply with the new regulations.
This increase in licensed CASPs signifies a promising future for the cryptocurrency industry in South Africa, as more providers are able to offer secure and compliant services to the public. As the FSCA continues to enforce regulations, the industry is expected to grow and mature, providing more opportunities for innovation and investment.
Read also:
- Elon Musk Acquires 26,400 Megawatt Gas Turbines for Powering His AI Project, Overlooks Necessary Permits for Operation!
- U Power's strategic collaborator UNEX EV has inked a Letter of Intent with Didi Mobility to deploy UOTTA(TM) battery-swapping electric vehicles in Mexico.
- Global Gaming Company, LINEUP Games, Moves Into Extensive Global Web3 Multi-Platform Gaming Network
- Toyota strikes a deal in Shanghai for a solely owned Lexus electric vehicle production plant.
