The Financial Sector Conduct Authority of South Africa has announced its readiness to start allowing crypto exchanges to get registered in the country.

This move comes as a result of the numerous fraud cases that have been experienced in the country, one of which was investigated by Bloomberg.

The FSCA has given all crypto exchanges in South Africa up until November 30th to comply with the licensing requirement released or risk-facing actions of enforcement by the regulator which includes the closing of their business, and fines amongst others.

Speaking with experts in the country about this development, some believe that this is a remarkable one as the country does not jump on global developments as quickly as this.

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