The Financial Sector Conduct Authority reviewed 128 applications from crypto service asset providers.
South Africa’s principal financial regulator, the Financial Sector Conduct Authority (FSCA), reviewed 128 applications from crypto service asset providers (CASPs) but intends to discuss only 36 during its next meeting in December.
The numbers were published on Nov.
The fate of all the remaining applications wasn’t specified by the Authority, which explained its evaluation method as the combined assessment of Know Your Customer onboarding, data protection, cyber risk management, conflict of interest management, complaints handling, and credit counterparty risk management.
The FSCA also published its “Crypto Assets Markets Study” for 2023 on the same day, Nov.
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According to the survey, the average crypto asset provider in South Africa (46%) has an annual revenue of between 1 and 50 million South African rand ($53,000 to $2.7 million).
The highest monthly transaction value on the South African crypto market was recorded in November 2022, when it peaked at over 8 billion rand (around $427 million).
In July 2023, the FSCA warned that any CASP in the country should obtain a license by the end of the year.
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