The enforcement arm of South Africa's Financial Sector Conduct Authority (FSCA) has established a team to investigate individuals or entities operating crypto financial services without proper licenses. Currently, 30 cases are under review. The FSCA aims to protect the public and maintain fairness in the industry by taking decisive action against illegal crypto businesses. The regulator will also publish its findings and issue warnings if unregistered crypto businesses are found. The FSCA has provided a grace period until November 30, 2023 to submit license applications before classifying crypto assets as financial products on October 19, 2022.