The South African financial regulator has issued 248 of the crypto asset service provider licenses it has received to date.
9 Applications Rejected
The South African financial regulator, the Financial Sector Conduct Authority (FSCA), has issued a total of 248 crypto asset service provider (CASP) licenses from the 420 applications it received. According to a local report, 56 applications are still under review, while nine have been rejected. The report adds that 106 entities withdrew their applications after the FSCA raised concerns about their business models.
Confirmation of the 248 issued licenses comes just over a year after the FSCA closed the application window. As reported by Bitcoin.com News in December 2023, the FSCA initially received applications from 93 entities, with the number dropping after some applicants withdrew.
However, by April 2024, the total applications had reached 374, with 75 licenses granted. A few months later, the regulator approved an additional 63 applications. The FSCA has stated that entities with rejected applications can reapply if they meet the established criteria.
Commenting on entities whose applications were rejected or withdrawn before a determination was made, the FSCA said:
In the meantime, they may not undertake any CASP-related activities as defined under the FAIS Act. This does not apply to institutions or persons that submitted their license applications by 30 November 2023 and are still awaiting the finalization of their applications by the FSCA.
The regulator also disclosed that it had extended the exemption period for CASPs to comply with certain regulatory requirements from November 11, 2024, to June 30, 2025. According to the FSCA, entities failing to comply with these requirements may face suspension or withdrawal of their authorization.