South Africa’s general election, scheduled for May 29, is not expected to affect the country’s plans for the digital asset industry, according to members of the cryptocurrency community.
The Financial Sector Conduct Authority (FSCA) of South Africa recently established a cryptocurrency licensing regime with plans to issue 60 licenses in the coming weeks; licenses have so far been issued to cryptocurrency companies Luno, Zignaly and VALR. South Africa brought cryptocurrency providers under the scope of its Financial Advisory and Intermediary Services Act in 2022 so that digital assets can be regulated as financial products.
Maurice Crespi, partner at Schindlers Attorneys in South Africa, said this shows that South Africa has taken a forward-looking approach to regulating the cryptocurrency sector, in line with global trends and acknowledging the growing importance of blockchain technology in modern finance. (CoinDesk)