South Africa's Financial Sector Conduct Authority (FSCA) has granted licenses to 63 crypto asset service providers (CASPs), bringing the total licensed to 138 out of 383 applications received.

The approvals follow stringent fit and proper checks, with five applications rejected and 80 voluntarily withdrawn.

Despite these approvals, crypto assets are not recognised as legal tender in South Africa, clarifying the regulator's stance on their status.

Entities with rejected applications can reapply once criteria are met, but unauthorised CASP activities will face regulatory action from the FSCA.