To operate legally, cryptocurrency financial companies in South Africa will need to apply for a licence between June 1 and November 20, 2023, according to the country’s financial conduct regulator. The Financial Sector Conduct Authority’s Regulatory Frameworks Department head, Eugene Du Toit, stated at a press conference on Wednesday that the declaration that crypto assets are financial products does not imply that they are legal tender. The FCSA used the term crypto assets rather than cryptocurrencies on purpose because regulators do not believe digital assets qualify as currencies, according to the regulator’s head, Unathi Kamlana.
