The election results are not expected to have a significant impact on South Africa’s burgeoning cryptocurrency industry. The country’s top regulator, the Financial Sector Conduct Authority, recently created a cryptocurrency licensing regime, making it one of the first African countries to do so. The country recently began granting licenses to digital asset companies, with crypto companies Luno, Zignaly and VALR being among the first to receive licenses in April. In 2022, the country included cryptocurrency providers in its Financial Advisory and Intermediary Services Act, allowing digital assets to be regulated as financial products.
