You are currently viewing South Africa’s Crypto Firms Will Soon Need to Apply for Registration or Face a Heavy Fine

Crypto companies looking to operate in South Africa will need to apply for a license from the country’s Financial Sector Conduct Authority (FSCA) in the six months starting June 1.

While South African crypto companies have welcomed the new licensing regime, they worry the fine waiting for those that fail to register in time may sink smaller companies or drive away firms that want to enter the market after the deadline has passed.

South Africa ranked 30 on Chainalysis’ global adoption index last year, and is behind other African countries like Nigeria and Kenya in terms of crypto use. But regulators in the country, like those elsewhere, have been trying to supervise the sector, which hit close to $3 trillion in global market capitalization in 2021 before crashing spectacularly in 2022.

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