Insider: South African elections won’t interfere with cryptocurrency policy

Golden Finance reported that members of the cryptocurrency community said that South Africa's general election is scheduled for May 29 and is not expected to undermine the country's digital asset agenda. The Financial Sector Conduct Authority (FSCA) recently established a cryptocurrency licensing system, making it one of the first African countries to do so. The regulator is preparing to issue 60 licenses to cryptocurrency companies under the system in the coming weeks, and has so far issued licenses to cryptocurrency companies Luno, Zignaly and VALR. The country included cryptocurrency providers in the scope of its Financial Advisory and Intermediary Services Act in 2022 so that digital assets can be regulated as financial products. Maurice Crespi, a partner at Schindler Law Firm in South Africa, said this marks a forward-looking approach to regulating the cryptocurrency sector, in line with global trends and acknowledging the growing importance of blockchain technology in modern finance.