South Africa edging closer to issuing VASP licenses: FSCA official

South Africa is on the verge of issuing its first-ever digital asset licenses, according to a top official at the Financial Services Conduct Authority (FSCA). Gerhard van Deventer, who heads divisional enforcement at the FSCA, revealed in an interview that the licenses for Virtual Asset Service Providers (VASPs) should be issued this month. The FSCA had announced last year that all VASPs in the country would be required to apply for a license as part of a new regulatory regime. The deadline for applications was November 30, 2023. Van Deventer stated that the number of applicants reached 145 by the deadline, higher than previously reported. The results of the applications presented to the licensing committee in December will be revealed in the coming weeks. The new regulatory regime aims to protect investors and bring crypto activities under FSCA jurisdiction. It is a response to past scams like Mirror Trading International (MTI) and Africrypt, which defrauded billions from South Africans.