South Africa's financial regulator intends to award licenses to 60 crypto firms by the end of the month, a Bloomberg report said.“We are processing those licensing applications and we’re doing so in a phased kind of manner given the numbers,” Financial Sector Conduct Authority Commissioner Unathi Kamlana said in an interview with Bloomberg.
Crypto companies that wanted to continue operating in the country had to apply for a license with the FSCA on June 1. In 2022 the country said it wanted to treat crypto The country has not yet opted to pave a new regime for crypto assets but instead plans to regulate the sector under the Financial Advisory and Intermediary Services Act. The FAIS act has measures to ensure companies maintain honesty and integrity and is intended to protect consumers. However, the country is exploring whether or not it
“As we license and supervise, we will discover that perhaps there are gaps that cannot be closed by the existing regulatory framework, the FAIS Act,” Kamlana said. “And we might need to build on that as we discover what those are.”in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.