In a recent announcement, the Financial Sector Conduct Authority (FSCA) of South Africa addressed the growing landscape of crypto asset service providers (CASPs) by releasing an exhaustive list of crypto companies currently licensed under the Financial Advisory and Intermediary Services (FAIS) Act, №37 of 2002. Amid claims by certain entities of being the sole or pioneering licensees, the FSCA emphasized the need for clarity and provided an official roster comprising 75 approved CASPs.
The FSCA’s decision to disclose this comprehensive list comes in response to media reports suggesting exclusivity in the licensing domain within the South African crypto market. By disseminating the approved entities, the FSCA aims to uphold transparency and ensure stakeholders have access to accurate information regarding licensed crypto companies in South Africa.
The licensing process for CASPs was initiated on June 1, 2023, under regulatory directives. Pre-existing institutions engaged in financial services associated with crypto assets were mandated to submit their license applications by November 30, 2023. Since then, the FSCA has diligently processed a total of 374 license applications, underscoring the burgeoning interest and engagement within the crypto sector and the increasing number of licensed crypto companies in South Africa.
Crypto assets, as defined by the FSCA, encompass digital representations of value capable of electronic trading, transfer, or storage, sans central bank issuance. They leverage cryptographic techniques and distributed ledger technology to facilitate transactions, investments, and various utilities, under the oversight of licensed crypto companies in South Africa.
It’s imperative to note that the FSCA’s regulatory purview is confined to the authorization and oversight of CASPs strictly concerning financial services pertaining to crypto assets under the FAIS Act, ensuring compliance and accountability among licensed crypto companies in South Africa. This includes services such as advice, intermediation, and investment management, all under the supervision of the FSCA.
The FSCA underscores its commitment to monitoring and evaluating the evolving landscape of crypto asset services in South Africa. As part of its ongoing regulatory efforts, the authority pledges to provide regular updates on the processing and approval of additional CASP applications, further expanding the pool of licensed crypto companies in South Africa.
For those seeking to peruse the complete roster of licensed CASPs, the FSCA has made the list accessible on its official website, and reproduced below.
LIST OF CRYPTO ASSET SERVICE PROVIDERS (CASPS) AUTHORISED UNDER THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES (FAIS) ACT, NO. 37 OF 2002 – APRIL 2024
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