The Financial Sector Conduct Authority (FSCA) of South Africa announced on April 22 that it has approved licenses for 75 institutions to operate as crypto asset service providers (CASPs). This move aims to clarify misconceptions fueled by recent media reports. The FSCA, responsible for regulating the country’s financial services industry, disclosed that it has greenlit a total of 75 CASPs for licensing. While approvals have been granted, the authority emphasized that it is still in the process of reviewing applications from both new and existing CASPs.
As of the statement released on April 22, the FSCA has received 374 applications for licenses from various CASPs. Further updates regarding the status of these applications will be provided upon approval, according to the statement. The release of the licensed CASPs list by the South African regulator follows earlier commitments made by FSCA Commissioner Unathi Kamlana. Kamlana previously pledged to disclose the first 60 licensed CASPs and assured that more licenses would follow, with announcements made in stages.
Contrary to recent media reports suggesting limited approvals, the FSCA emphasized that more than 60 CASPs have indeed been licensed. The regulator aimed to dispel any confusion through the release of the licensed CASPs list. Moreover, the FSCA clarified that the granting of licenses to CASPs should not be interpreted as recognition of cryptocurrency. The authority reiterated its jurisdiction limited to authorizing and overseeing CASPs offering financial services related to crypto assets, without recognizing them as legal tender or ‘cryptocurrency’.
In light of misconceptions fueled by media reports, the FSCA advised the South African public to disregard claims suggesting the nation’s recognition of cryptocurrency.
Overall, the FSCA’s recent announcement underscores the ongoing efforts to regulate the crypto industry in South Africa while addressing public misconceptions surrounding cryptocurrency recognition.
Editor
Jaya Ugarjar, a budding voice in the Indonesian blogging scene, showcases her talents in AI, Bitcoin, Blockchain, Business, Ethereum, FinTech, Gaming, and Crypto Policy. With fresh insights and a hunger to prove her mettle, she navigates these domains, offering clarity and strategic perspective. Through her posts, Jaya sparks curiosity with her forward-thinking vision, aiming to carve her niche in the digital realm.
