The Financial Sector Conduct Authority (FSCA) in South Africa has approved 59 cryptocurrency platform licenses out of 355 applications.

These approvals, granted on March 12, reflect a growing acceptance and regulation of digital currencies in the country.

The licenses bring cryptocurrency exchanges under the oversight of existing financial regulations, particularly the Financial Advisory and Intermediary Services Act (FAIS).

The regulatory framework aims to enhance customer protections and grant regulators increased authority for enforcement.

FSCA Commissioner Unathi Kamlana expressed optimism about these changes promoting a safer and more reliable digital financial ecosystem in South Africa.