South Africa Approved 310 of 533 Crypto Licence Applications. 124 Applicants Withdrew

The short version: the FSCA had approved 310 of 533 crypto licence applications by 31 March 2026, according to its release of 15 April 2026: 17 were declined, 124 withdrawn by the applicants and 82 were still being considered (FSCA).

Licensing of crypto asset service providers under the FAIS Act began on 1 Jun 2023. As at 31 March 2026 the FSCA had received 533 applications: 310 approved, 17 declined and 124 voluntarily withdrawn after engagements with the FSCA, leaving 82 still being considered. Reasons for declines have included failing the fit and proper requirements on operational ability (business plans and models) and competency (knowledge and experience of crypto assets). The FSCA has initiated 81 investigations into potentially unlicensed CASP businesses, closing 30 without enforcement action, mainly because the parties had ceased trading or were dormant; 51 are still open. From April 2025 to March 2026 it carried out 30 supervisory inspections of CASPs and aims for 35 in 2026/27 (FSCA).

Exams

Licensed CASPs and their key individuals were exempted from regulatory exams by an FSCA notice of 11 May 2023; the exemption was extended until 30 June 2025 and the FSCA says no further extensions have been granted. Failing to meet the exam requirements may lead to suspension or withdrawal of licences (FSCA).

The four sections of the March 2026 list add up to 310, the same number as approvals reported for 31 March 2026.