South Africa Aims to License 60 Crypto Firms By March Under New Regulatory Framework

• South Africa's financial regulator aims to license 60 crypto firms by end of March • Regulator received 300 license applications since new crypto framework started last year • Firms are being licensed in a phased manner under the Financial Advisory and Intermediary Services Act • Regulator may discover regulatory gaps as they license firms, potentially requiring new stablecoin laws • South Africa treating crypto as a financial product; wants measures to ensure honesty, integrity, and consumer protection