South Africa is reportedly preparing to issue the first batch of financial services provider (FSP) licences to crypto service providers. Gerhard van Deventer, head of enforcement at South Africa’s Financial Sector Conduct Authority (FSCA), confirmed the move speaking at a podcast on Moneyweb Crypto. This is a timely move, as South Africa’s fraud cases on the crypto sector surged by 25% during the last quarter of 2023, per research findings from Sumsub. The regulator opened the registration window following the announcement in October 2022, declaring cryptocurrencies as financial products. The decision for crypto licence approval comes at a time when South Africans are increasingly turning to digital currency payments.
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