The Financial Sector Conduct Authority (FSCA) of South Africa has released an official roster of 75 licensed Crypto Asset Service Providers (CASPs) operating under the Financial Advisory and Intermediary Services (FAIS) Act. This move aims to promote transparency in South Africa's rapidly growing cryptocurrency sector.
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Regulatory Background
The FSCA initiated CASP licensing on June 1, 2023, with existing providers required to apply by November 30, 2023. To date, the authority has processed 374 applications, demonstrating strong market interest in regulated crypto services.
Key definitions:
- Crypto assets: Digital value representations using cryptography and distributed ledger technology
- Authorized services: Financial advice, intermediation, and investment management
Licensed Crypto Companies (April 2024)
The FSCA-approved CASPs include:
| No. | Company Name | FSP Number | License Categories | Authorized Activities |
|---|---|---|---|---|
| 1 | Altcoin Trader (Pty) Ltd | 53614 | CAT I & II | Advice, Intermediary, Investment |
| 2 | Altitude Asset Management | 46902 | CAT I & II | Advice, Intermediary, Investment |
| ... | ... | ... | ... | ... |
| 75 | WorldWeb Brokers CC | 52668 | CAT I | Advice, Intermediary |
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Compliance Framework
The FSCA emphasizes:
- Strict adherence to FAIS Act provisions
- Regular monitoring of licensed entities
- Ongoing evaluation of market developments
Important note: The FSCA only regulates financial services related to crypto assets, not the underlying technology or assets themselves.
Market Impact
This comprehensive licensing:
- Provides consumer protection
- Establishes clear operating standards
- Encourages responsible innovation in digital finance
Frequently Asked Questions
How many crypto companies are licensed in South Africa?
As of April 2024, there are 75 FSCA-approved Crypto Asset Service Providers.
What services do licensed crypto companies offer?
Licensed CASPs may provide:
- Financial advice
- Transaction intermediation
- Investment management services
Where can I verify a company's license status?
The complete list is available on the FSCA's official website.
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Looking Ahead
The FSCA plans to:
- Continue processing pending applications
- Provide regular license updates
- Enhance consumer education initiatives
This regulatory framework positions South Africa as a leader in Africa's emerging digital asset economy while protecting investors through proper oversight of licensed crypto service providers.