FSCA approves 300 crypto service providers, intensifies action against unlicensed operators

SOUTH Africa's Financial Sector Conduct Authority (FSCA) has approved 300 crypto asset service provider (CASP) licences since the formal licensing regime came into effect in June 2023, while stepping up enforcement against firms operating outside the regulatory framework.

- SIPHELELE DLUDLA

Crypto assets are defined as a digital representation of value that is not issued by a central bank but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility, applies cryptographic techniques and uses distributed ledger technology.

In an update issued on Monday, the regulator said it had received 512 licence applications as at 12 December 2025. Of these, 14 applications were declined and 121 were voluntarily withdrawn after engagements with the FSCA raised concerns about applicants’ business or operating models.