South Africa has licensed hundreds of crypto firms while intensifying inspections, enforcement, and anti-money laundering oversight nationwide.
South Africa’s Financial Sector Conduct Authority (FSCA) has approved 300 crypto asset service providers (CASPs) out of 512 applications since crypto licensing began in June 2023. The approvals highlight rapid industry growth alongside stricter regulation.
As of December 2025, 14 applications were declined and 121 withdrawn after regulatory engagement, mainly due to weak operational capacity or failure to meet “fit and proper” requirements under the FAIS Act. Remaining applications are still under review.
The FSCA has also launched 81 investigations into unlicensed crypto operators, warning that firms operating without approval face enforcement action. Supervisory inspections are underway, with 31 completed so far, focusing on governance, risk management, and AML/CFT compliance.
While crypto is not legal tender in South Africa, regulators continue tightening oversight to protect the financial system and improve compliance across the sector.
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