According to a recent Reuters report, South Africa’s Financial Sector Conduct Authority (FSCA) has approved 59 operating licenses for crypto businesses. This significant development comes as Africa’s most industrialized economy takes progressive steps towards regulating the asset class.

Addressing attendees at a financial sector conference, Felicity Mabaso, a divisional executive at the FSCA, revealed that the authority has received 355 license applications, with 59 already approved as of Tuesday. An additional 262 applications are currently under review, indicating a growing interest in the digital asset industry within South Africa.

Furthermore, the report notes that licensed service providers will be subject to ongoing monitoring as part of the licensing process. This will not only ensure compliance with regulatory standards but also improve consumer protection. 

At the same time, South Africa’s Financial Sector Conduct Authority will launch investigations into individuals who have provided crypto-related financial services without the proper authorization to bring them into the country’s regulatory framework.

On Wednesday, Seychelles-based cryptocurrency exchange OKX announced that its Singapore subsidiary has received in-principle approval for a payments license from the Monetary Authority of Singapore (MAS). This development allows OKX to offer digital payment tokens and cross-border money transfer services in Singapore, further solidifying the city-state’s position as a thriving hub for cryptocurrencies in Asia.

With the approval in hand, OKX aims to tap into the growing demand for digital asset services in Singapore, considering the country a “priority market,” according to OKX President Hong Fang. 

The move comes when the crypto market is experiencing a frenzy, with Bitcoin reaching record highs and investors flocking to US Bitcoin spot exchange-traded funds (ETFs). Additionally, the anticipation of global interest rate reductions has further fueled interest in cryptocurrencies, Reuters notes.

This recent approval adds to OKX’s expanding global presence. In January, the exchange obtained a regulatory license in Dubai, allowing it to provide crypto services to retail clients. 

Overall, OKX’s in-principle approval for a payments license in Singapore signifies an important milestone for the exchange, enabling it to offer a wider range of digital asset services in the Southeast Asian region

As of this writing, the total digital asset market capitalization has reached $2.6 trillion for the first time since December 2021, approaching the $3 trillion milestone. Meanwhile, the market’s leading cryptocurrency, Bitcoin, is trading at $73,100, just below its all-time high (ATH) of $73,300 reached on Tuesday. 

Featured image from Shutterstock, chart from TradingView.com

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