South Africa's Financial Sector Conduct Authority (FSCA) has approved 59 cryptocurrency platform license applications, Reuters has reported.
The FSCA currently has 262 other cryptocurrency platform license applications in process, out of a total of 355 applicants, according to FSCA divisional executive Felicity Mabaso.
The approvals were granted on March 12, and the companies have applied within a deadline of November 30, 2023. They will now be regulated by the Financial Advisory and Intermediary Services Act (FAIS).
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The FAIS will introduce new protections for clients and provide regulatory powers to authorities for enforcement purposes. In addition, the South African Reserve Bank's (SARB) Financial Oversight Department will also be responsible for supervision.