South African regulator investigates 30 unlicensed cryptocurrency operations

The enforcement department of the Financial Sector Conduct Authority (FSCA) in South Africa has established a team to investigate individuals or entities operating cryptographic financial services without proper licenses. Currently, 30 cases are under review. FSCA aims to take decisive action against illegal cryptographic businesses to protect the public and maintain industry fairness. The regulatory agency will also publish its investigation results and issue warnings if unregistered cryptographic businesses are found. FSCA provided a grace period until November 30, 2023, to submit license applications before classifying cryptographic assets as financial products on October 19, 2022.