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South Africa grants 248 licenses to enhance cryptocurrency regulation

FSCA issues licenses for transparency: The Financial Sector Conduct Authority’s decision to grant 248 licenses signifies a strong commitment to regulating the crypto industry. With 56 applications under review, 9 rejected, and 106 withdrawals, the challenges of compliance with regulations are evident.

Consumer protection in crypto sector: These regulations are crucial for maintaining operational standards and the integrity of South Africa’s financial system. The withdrawals highlight the difficulties businesses face to align with regulatory demands, emphasizing the need for robust compliance in this evolving market.

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