South Africa Leads the Way in Crypto Regulation

South Africa’s Financial Sector Conduct Authority (FSCA) has granted 59 operating licenses to crypto businesses, a significant step towards regulating the industry in Africa’s most industrialized economy.

Growing Interest in Crypto

FSCA divisional executive Felicity Mabaso announced that they have received 355 license applications, with 262 still under review. This shows a growing interest in digital assets in South Africa.

Licensing and Monitoring

Licensed service providers will be closely monitored to ensure compliance and protect consumers. The FSCA will also investigate individuals offering crypto services without authorization.

Singapore Approves OKX Payments License

Seychelles-based crypto exchange OKX has received in-principle approval for a payments license from Singapore’s Monetary Authority (MAS). This allows OKX to offer digital payment tokens and cross-border money transfers in Singapore.

Crypto Market Surge

The crypto market is booming, with Bitcoin reaching record highs. The anticipation of global interest rate reductions has also fueled interest in cryptocurrencies.

OKX’s Global Expansion

OKX’s Singapore license adds to its global presence, which includes a regulatory license in Dubai. The exchange aims to tap into the growing demand for digital asset services in Southeast Asia.

Market Update

As of writing, the total digital asset market capitalization has reached $2.6 trillion, approaching $3 trillion. Bitcoin is trading just below its all-time high.