South Africa's Cryptocurrency Market Sees Significant Growth with New Regulations

The South African cryptocurrency market has seen significant growth in recent years, with the country becoming one of the most crypto-active on the continent. The increasing popularity of digital assets has led to changes in regulations, making it more complex for individuals to buy Ethereum.

According to the Financial Sector Conduct Authority (FSCA), over 512 Crypto Asset Service Provider (CASP) licence applications have been received since June 2023, with 300 approved and 121 voluntarily withdrawn. This means that any exchange operating legally in South Africa must hold an FSCA CASP licence.

The new reporting rules under the Crypto Asset Reporting Framework (CARF), which took effect on 1 March 2026, require licensed exchanges to report trades directly to the South African Revenue Service (SARS). This has brought an end to unreported crypto activity in South Africa.