South Africa’s principal financial regulator, the Financial Sector Conduct Authority (FSCA), reviewed 128 applications from crypto service asset providers (CASPs) but intends to discuss only 36 during its next meeting in December.
The numbers were published on Nov. 30 by the South African news outlet My Broadband. According to the publication, the FSCA plans to review 36 licensees’ presentations at the Dec.12 Licensing Executive Committee meeting. A further 22 applications will be presented on Feb.13. The last 14 applications will have to wait until March 12.
The fate of all the remaining applications wasn’t specified by the Authority, which explained its evaluation method as the combined assessment of Know Your Customer onboarding, data protection, cyber risk management, conflict of interest management, complaints handling, and credit counterparty risk management.
The FSCA also published its “Crypto Assets Markets Study” for 2023 on the same day, Nov. 30. The study found that 60% of all traded crypto in South Africa are so-called “unbacked crypto assets,” which means any cryptocurrency besides stablecoins (26% of the market share) and nonfungible tokens (NFTs, 4%…
