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South Africa: fintech & payments regulation

Regulated

South Africa fintech & payments: VASPs licensed under FAIS; MVTS regulated by SARB

Lead regulator:
Financial Sector Conduct Authority (FSCA)
Key law:
Financial Sector Regulation Act 2017; Financial Advisory and Intermediary Services Act 2002
Last updated:
2026-07-12

Virtual Asset Service Providers (VASPs) are regulated as financial service providers under the FAIS Act, requiring licensing from the FSCA. The framework was established in 2022, with a mandatory application window closing in November 2023.

Money and Value Transfer Services (MVTS) are supervised by the South African Reserve Bank (SARB) under the National Payment System Act. Banks and foreign branches must register MVTS agency arrangements with the Prudential Authority.

The regulatory landscape is overseen by the FSCA for conduct and the Prudential Authority (PA) for prudential standards, operating under the Financial Sector Regulation Act 2017.

Who regulates

  • Financial Sector Conduct Authority (FSCA)

    Conduct regulation and licensing of crypto asset service providers under FAIS

    [1]

  • South African Reserve Bank (SARB) / Prudential Authority (PA)

    Prudential supervision and registration of Money and Value Transfer Services (MVTS)

    [2]

Core laws & rules

  • Financial Sector Regulation Act (2017)

    Establishes the dual-pillar regulatory structure with the FSCA and Prudential Authority and provides the framework for designating financial services.

    [3]

  • Financial Advisory and Intermediary Services Act (2002)

    The primary legislation under which crypto assets are declared financial products and VASPs must obtain licenses.

    [1]

Licensing & registration

  • Crypto Asset Service Provider (FAIS)

    Providers of crypto asset financial services must apply for a license under the FAIS Act. A temporary exemption allowed operations during the application period. Timeline: Application window: 1 June 2023 to 30 November 2023

    [1]

  • Money or Value Transfer Service (MVTS)

    Banks, controlling companies, and foreign branches must register MVTS agency arrangements with the regulator. Timeline: Directive D9/2022 issued in 2022

    [2]

Restrictions & warnings

  • Crypto asset service providers must comply with FAIS licensing, key individual, and conduct requirements. Unlicensed operation is prohibited after the exemption period.

    [1]

  • MVTS providers must maintain specific records and register agency arrangements with the SARB.

    [2]

Direction of travel

  • The FSCA continues to refine the regulatory framework, including equivalence frameworks for financial markets and standards for benchmark administrators.

    [4][5]

Sources

  1. FSCA Communication 30 of 2022: Declaration of Crypto Assets as Financial Products and Exemptions · 2022-10-19
  2. D9/2022 MVTS Directive to Banks · 2022-09-29
  3. Notice of the Amendment of the Designation of the Old Mutual Financial Conglomerate · 2026-04-08
  4. FSCA Equivalence Framework for Financial Markets · 2025-10-03
  5. FSCA Draft Determination on Licensing Procedures and Requirements for Benchmark Administrators · 2024-04-19

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This guide is compiled automatically from 5 primary-source documents published by South Africa's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.