The Financial Sector Conduct Authority (FSCA) of South Africa has granted operating licenses to 59 cryptocurrency businesses.

This marks a significant move towards regulating the digital asset class within Africa's most advanced economy.

The decision reflects growing interest and proactive steps by South African authorities to integrate cryptocurrencies into the mainstream financial sector.

Felicity Mabaso, a divisional executive of the FSCA, highlighted the burgeoning interest in cryptocurrencies across South Africa during a financial sector conference.

The approval of operating licenses demonstrates South Africa's commitment to nurturing a secure and regulated environment for cryptocurrency transactions and investments, positioning the country as a leader in cryptocurrency regulation on the African continent.