South Africa Mandates Licenses for Crypto Exchanges by the End of Year

South Africa Requires Licenses for Crypto Exchanges, Sets Deadline

South Africa's Financial Sector Conduct Authority (FSCA) has mandated that all crypto exchanges operating in the country secure licenses by the end of the year. This development marks South Africa as the first African nation to implement such a requirement. 

The FSCA has already received about 20 license applications and expects more before the November 30 deadline. Non-compliant firms may face enforcement actions, including fines or closure. 

The move aims to protect financial customers from potential risks associated with cryptocurrencies. The FSCA intends to work closely with the industry to refine regulations and ensure their effectiveness. 

This trend of stricter cryptocurrency regulations is also evident in Singapore, where crypto service providers must store customer assets securely by year-end.