The South African FSCA has granted 248 crypto asset service provider (CASP) licenses out of 420 applications, rejecting 9 and reviewing 56.
The Financial Sector Conduct Authority (FSCA), the financial regulator in South Africa, has licensed a total of 248 crypto asset service providers (CASPs) out of the 420 applications it received.
Nine applications have been rejected, while 56 are still under review, according to a local report. The report also indicates that 106 entities withdrew their applications after the FSCA expressed concerns regarding their business models.
The FSCA closed the application window just over a year ago, and the 248 licenses that were issued have been confirmed.
The FSCA initially received applications from 93 entities, as reported by Bitcoin.com News in December 2023. However, the number of applications declined after some petitioners withdrew.
Nevertheless, the total number of applications had reached 374 by April 2024, with 75 licenses being granted.
An additional 63 applications were approved by the regulator a few months later. Entities that have had their applications rejected by the FSCA are permitted to resubmit provided that they satisfy the established criteria.
Commenting on entities whose applications were rejected or withdrawn prior to a determination being made, the FSCA stated:
In the meantime, they may not undertake any CASP-related activities as defined under the FAIS Act. This does not apply to institutions or persons that submitted their license applications by 30 November 2023 and are still awaiting the finalization of their applications by the FSCA.
The regulator also disclosed that it had extended the exemption period for CASPs to comply with specific regulatory requirements from November 11, 2024, to June 30, 2025. In the event that these requirements are not met, the FSCA may suspend or revoke the authorization of the entity.