In June, South Africa announced that any crypto exchange operating in the country needs to obtain a license by the year's end. This regulation marks South Africa as the first African country to mandate licenses for crypto exchanges.

Regarding that announcement, as of November 30th, the South African Financial Sector Conduct Authority (FSCA) reported receiving 128 applications for crypto asset service provider licenses since June.

This announcement was made during a presentation to provide an update on the licensing of cryptocurrency services in South Africa, and the application process concluded on November 30th, 2023.

According to reports, the development of crypto assets licensing aims to protect investors' interests and reduce financial risks for customers. Failure to obtain this license as a digital exchange firm in South Africa can lead to "enforcement action," such as closure of the firm or fines, according to Unathi Kamlana, Commissioner of the FSCA.

It is no news that South Africa is among the top five African countries embracing and promoting blockchain adoption on the continent. With these recent developments, South Africa takes a step ahead of the African Giant, Nigeria, and other African nations in effectively utilizing blockchain technology for economic development and growth in the country.