South Africa introduces its first cryptocurrency regulatory policy, requiring crypto companies to obtain operating licenses by 2023

ChainCatcher news, the South African Financial Sector Conduct Authority (FSCA) stated that cryptocurrency financial companies in South Africa need to apply for a license between June 1, 2023, and November 20, 2023, to operate legally.

Additionally, according to a new notice issued by the FSCA, the country's Financial Advisory and Intermediary Services Act of 2002 (FAIS) has been updated to include a definition of crypto assets and classify them as financial products. This notice is effective immediately, meaning that crypto assets will be regulated in South Africa for the first time. (Reuters)