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According to industry insiders, the upcoming South African elections on May 29 will not affect the nation’s cryptocurrency agenda. 
According to Mpumelelo Ndamane, CEO of South Africa-based crypto wallet provider Nuud Money, the elections will&nbsp;steer clear of&nbsp;cryptocurrencies.&nbsp; 
“We’ve been pretty stable over the past 30 years when it comes to ensuring the [South African Reserve Bank] and FSCA are independent of politics. It won’t affect the crypto policy.”&nbsp; 
Meanwhile, according to John McCarthy, general counsel for global regulatory affairs at Fireblocks, most of the development around the digital asset sector in South Africa has been done to address&nbsp;problems that are “apolitical” in nature.&nbsp;As such, McCarthy&nbsp;<a href="https://www.coindesk.com/policy/2024/04/29/south-africas-election-wont-interfere-with-crypto-policy-industry-watchers/" target="_blank" rel="">voiced</a>&nbsp;a similar opinion to that of Ndamane, pointing out that the apolitical nature of the issues&nbsp;has resulted in the approach being similar&nbsp;as well. 
“It’s also been through an intergovernmental working body, much of which is inherently apolitical,” he added. 
As reported earlier by crypto.news, the nation’s&nbsp;Financial Sector Conduct Authority (FSCA)&nbsp;is set&nbsp;to&nbsp;<a href="https://crypto.news/south-africa-license-crypto-exchanges/" target="_blank" rel="">issue</a>&nbsp;licenses to 60 digital asset platforms. The commission has set a deadline of November 30 for exchanges to apply. 
 You might also like: <a href="https://crypto.news/cftc-finds-south-african-firm-guilty-in-major-crypto-scam/" rel=""> US court finds South African firm guilty in major crypto scam </a> 
The licensing framework, a significant step in&nbsp;the&nbsp;regulatory developments,&nbsp;was the result of the&nbsp;regulators including cryptocurrencies&nbsp;with&nbsp;the nation’s Financial Advisory and Intermediary Services Act&nbsp;in 2022. At the time of publication, the nation had already licensed three exchanges, namely,&nbsp;<a target="_blank" href="https://crypto.news/valr-launches-perpetual-futures-pairing-bitcoin-against-south-african-rand/" rel="">VALR</a>,&nbsp;<a target="_blank" href="https://twitter.com/LunoGlobal/status/1778367413026787330?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1778367413026787330%7Ctwgr%5E96c396c953975ee4b879f8c04758ed79a20da185%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Fcrypto-exchange-luno-receives-license-from-south-africas-financial-regulator.htm" rel="">Luno</a>, and&nbsp;<a target="_blank" href="https://x.com/zignaly/status/1778469762101588438" rel="">Zignaly</a>. 
Maurice Crespi, a partner&nbsp;at South Africa-based law firm Schindlers Attorneys, considers this “a forward-thinking approach”&nbsp;in a bid to regulate the digital asset&nbsp;space. In a statement, Crespi noted that the move is in line with global trends and acknowledges the “growing significance” of blockchain tech in current-day finance,&nbsp; 
Previously, the South African&nbsp;Nation’s Treasury had also&nbsp;<a href="https://crypto.news/south-africa-plans-to-use-stablecoins-and-blockchain-as-a-way-to-promote-equality/" target="_blank" rel="">revealed</a>&nbsp;that its Intergovernmental Fintech Working Group is exploring the impact of stablecoin use and tokenization in domestic financial markets. The group is set to report their findings to the government by December 2024. 
 Read more: <a href="https://crypto.news/south-africa-license-crypto-exchanges/" rel=""> South Africa to license 60 crypto exchanges in regulatory milestone </a>

Crypto policies won’t be affected by South African elections, insiders say

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