Topic: 2023-12-04 Cointelegraph - South Africa may license 36 crypto companies in Dec (Read 70 times)

Well, South Africa are one of the countries that are "Crypto friendly" ...and the president's son are also believed to be involved in Crypto projects, so he should be in a position to explain Crypto to his father. 

They also see Bitcoin as a "Commodity" and not as legal tender, so the tax payer pay Capital gains on their profits. There are also ATM's where you can convert Fiat to Bitcoin.. but there are not a lot of those ATM's.

One of their Supermarkets (Pick n Pay) recently announced that they will accept Bitcoin (via a payment processor) for their products.

South African regulator may license 36 crypto companies in December

South Africa’s principal financial regulator, the Financial Sector Conduct Authority (FSCA), reviewed 128 applications from crypto service asset providers (CASPs) but intends to discuss only 36 during its next meeting in December.

The numbers were published on Nov. 30 by the South African news outlet My Broadband. According to the publication, the FSCA plans to review 36 licensees’ presentations at the Dec.12 Licensing Executive Committee meeting. A further 22 applications will be presented on Feb.13. The last 14 applications will have to wait until March 12.

The fate of all the remaining applications wasn’t specified by the Authority, which explained its evaluation method as the combined assessment of Know Your Customer onboarding, data protection, cyber risk management, conflict of interest management, complaints handling, and credit counterparty risk management.

The FSCA also published its “Crypto Assets Markets Study” for 2023 on the same day, Nov. 30. The study found that 60% of all traded crypto in South Africa are so-called “unbacked crypto assets,” which means any cryptocurrency besides stablecoins (26% of the market share) and nonfungible tokens (NFTs, 4% of the market share), and some types of centrally issued coins.

According to the survey, the average crypto asset provider in South Africa (46%) has an annual revenue of between 1 and 50 million South African rand ($53,000 to $2.7 million). And only 8% of all the CASPs take in more than 100 million rand ($5.4 million).

https://cointelegraph.com/news/south-african-regulator-license-36-crypto-companies-december