Africa/ZA/Comparables
South Africa
FSCA / SARB / National Treasury
South Africa declared a crypto asset a financial product and then licensed the intermediary. From 1 June 2023 the FSCA has taken CASP applications under the FAIS Act. By 31 March 2026 it had 310 approvals from 533 applications. Crypto used for domestic payments is still not legal tender and is outside the National Payment System Act. The live 2026 fight is Treasury/SARB draft capital-flow rules, not an issuer circular.
FAIS CASP
1 Jun 2023
Licences
310
As at 31 Mar 2026
CFM comments
30 Sep 2026
Similar regulation
The statute book
Primary instruments, with the RCA job each one actually does. Links open the official text.
- In force
Pulls crypto-asset services into FAIS — CASP analogue, not an offering exemption
- In force
The public licence census
Translation
Rule 100–500 map
| RCA | Peer | Fit | Desk |
|---|---|---|---|
| Rule 100 CIC | Crypto asset declared a financial product under FAIS | Partial | Product declaration for intermediary law. Not a Howey wrapping of an issuer contract. |
| Rule 103 disclosure | FAIS advice/intermediary disclosures, not an issuer circular | No analogue | The licensed person is the CASP, not the token issuer. |
| Rule 200 $5M | None | No analogue | No startup offering cap. |
| Rule 300 fundraising | Ordinary securities/CIS law if the token is a security; otherwise no issuer exemption | No analogue | FAIS did not create a public-token-offer path. |
| Rule 400 safe harbor | None | No analogue | No deemed-cessation. |
| Rule 500 preemption | National FAIS + SARB exchange control | No analogue | The 2026 capital-flow draft is the cross-border overlay. |
Analysis
What the file is
The Intergovernmental Fintech Working Group path was: declare the asset a financial product, licence the intermediaries under an existing advice-and-intermediary statute, keep the payment system and the capital-flow book in SARB/Treasury. FSCA’s April 2026 census (533 applications, 310 licences, 17 declines, 124 voluntary withdrawals, 81 unlicensed investigations) is the operational picture. On 28 May 2026 SARB and FSCA jointly confirmed that crypto assets used for domestic payments are not money, not legal tender, and not inside the National Payment System Act.
Research
The record
- A FAIS CASP licence is not a payment-system licence. The May 2026 joint communication is the cite.
- FIC Act AML obligations sit on licensed CASPs. Travel Rule implementation quality is a supervision fact, graded in FSCA inspections (30 in 2025/26).
Ideation
What to file
- South Africa is the exhibit for ‘you can licence hundreds of CASPs under existing intermediary law.’ If you want that in the US, you are asking for the broker-dealer / ATS / BSA file, not for 33-11434.
- If you operate a ZA CASP and would also file a NOR, say so. Parallel take-up is evidence. Then admit FAIS does not qualify the token.
Analysis
What the file is
The Intergovernmental Fintech Working Group path was: declare the asset a financial product, licence the intermediaries under an existing advice-and-intermediary statute, keep the payment system and the capital-flow book in SARB/Treasury. FSCA’s April 2026 census (533 applications, 310 licences, 17 declines, 124 voluntary withdrawals, 81 unlicensed investigations) is the operational picture. On 28 May 2026 SARB and FSCA jointly confirmed that crypto assets used for domestic payments are not money, not legal tender, and not inside the National Payment System Act.
Primary sources on file
Declaration of a crypto asset as a financial product under the FAIS Act
Republic of South Africa/19 Oct 2022/RCA review 10 Sept 2026
Primary regulatory
FSCA update on licensing and supervision of crypto asset service providers
Financial Sector Conduct Authority/15 Apr 2026/RCA review 10 Sept 2026
Primary regulatory
RCA publishes source-linked intelligence for professionals. Nothing here is a token-buying call, a legal opinion, or an “approved / safe / regulated” badge. Every material claim is dated. Incomplete files stay incomplete.