South Africa issues digital currency licenses to Luno, VALR
The Financial Sector Conduct Authority announced in 2023 that all VASPs had to obtain a license or shut down by the end of the year.
Latest South Africa News
South Africa approves 59 VASP licenses
South Africa’s FSCA has received 355 applications but has only approved 262, a higher number than was previously revealed, according to a Reuters report.
BRICS eye stifling US dollar influence with blockchain-based payment system
Russia is reportedly banking on the planned blockchain-based payment system to reduce the U.S. dollar's global influence, seeking help from other BRICS members.
South Africa to explore stablecoins for digital payments
In its new budget proposal, South Africa pledged to explore stablecoins, blockchain, and the tokenization of real-world assets over the next fiscal year.
South Africa edging closer to issuing VASP licenses: FSCA official
FSCA announced in 2023 that all VASPs in the country would be required to apply for a license as part of a new regulatory regime. The deadline for the applications was last November 30, 2023.
South Africa shortlists 50 applicants for VASP licensing
While over 100 companies applied for the license, the FSCA only forwarded 50 companies to the licensing committee, with some virtual asset service providers (VASPs) withdrawing applications.
Africa’s 2023 in review: Adoption soars, regulators catch up, and Bitcoin moves beyond speculation
Digital assets came of age in 2023, moving beyond speculation and impacting remittances and payments as regulators started getting a grip on the industry.
South Africa weighs licenses for 36 VASPs
Of the 128 applications it has received, only 36 had met all the conditions and their licensing would be considered in a meeting on December 12, according to the Financial Services Conduct Authority.
South Africa joins 47 countries to implement new digital asset taxation standards
South Africa will implement the Crypto-Asset Reporting Framework standard by the OECD, which calls for automatic exchange of tax-relevant information between members.
South Africa’s Mirror Trading BTC scam to pay $1.7B in CFTC case
Mirror Trading allegedly scammed 30,000 BTC from over 23,000 American investors, which it misappropriated, and CFTC imposed restitution of over $1.7 billion.
Only 18% of Africans have owned digital assets: report
The report also revealed that high-earning millennials are the most digital currency-savvy and that poorer countries like Namibia lead digital currency usage in Africa.
Africa’s largest bank wary of digital assets, wants to be a ‘fast follower’
Standard Bank CEO Lungisa Fuzile says that the bank is approaching digital assets cautiously in fear of an implosion, but it will be quick to adapt to a change in the market.