South Africa is set to become one of Africa's first countries to require licenses for cryptocurrency platforms, approving about 60 exchanges and providers by the end of this month.

The move by South Africa's Financial Sector Conduct Authority (FSCA) could make it a model for crypto regulation across the continent as authorities seek to oversee the booming digital asset market while still fostering innovation.

The FSCA received over 300 applications from crypto firms seeking operating permits after setting a Nov. 30 deadline. Officials are reviewing the submissions through existing financial services laws, rather than drafting new crypto-specific rules.