South African crypto platforms must be licensed in 2023 -regulator

FILE PHOTO: Bitcoin logo, representation of cryptocurrencies and decreasing stock graph are seen in this illustration taken, July 7, 2022. REUTERS/Dado Ruvic/Illustrations

JOHANNESBURG (Reuters) -Cryptocurrency financial companies in South Africa will need to apply for a licence between June 1 and Nov. 20, 2023, in order to operate legally, the country's financial conduct regulator said on Thursday.

A declaration on Wednesday that crypto assets are financial products does not mean that they are legal tender, Eugene Du Toit, head of the Financial Sector Conduct Authority's Regulatory Frameworks Department, said at a press conference.