# The FSCA CASP licence list, explained | Arrel URL: https://arreltech.com/resources/blog/fsca-casp-licence-list > 512 applications, 300 approved, 14 declined, 121 withdrawn: what South Africa's crypto asset service provider list tells an institution choosing a partner. For African financial institutions. # The FSCA CASP licence list, explained 22 October 2026 By Arrel Regulation ยท South Africa 512 applications, 300 approved, 14 declined, 121 withdrawn: what South Africa's crypto asset service provider list tells an institution choosing a partner. South Africa was one of the first African markets to bring crypto asset service providers inside its financial services rules. Firms that give advice or provide intermediary services in crypto assets need to be authorised by the Financial Sector Conduct Authority (FSCA) as financial services providers. The FSCA's published figures show how far that process has come, and they are useful reading for any institution choosing a partner. ## What the figures say As of 12 December 2025, the FSCA's list showed: - **512** applications from crypto asset service providers (CASPs); - **300** approved; - **14** declined; - **121** withdrawn. Those three outcomes account for 435 of the 512 applications. The remaining 77 had none of those outcomes recorded at that date. ## Why the numbers matter to an institution For a bank, payment provider or asset manager in South Africa, the list is a starting point for due diligence. It answers a basic question about any counterparty, venue or service partner: is it authorised, and for what? Three practical points follow. **An approval is a floor, not a finish line.** Authorisation shows that a provider met the regulator's requirements at a point in time. Institutions still assess operational security, the controls around client assets, and how the provider handles screening and record keeping. **Withdrawals are common.** With 121 applications withdrawn, the market has consolidated. An institution that relies on a single provider carries the risk that the provider's status, coverage or pricing changes. **Partners can carry the licence.** Not every institution wants to hold a licence for every activity. Working through a licensed partner is a recognised model: the partner operates the regulated service, and the institution offers it to its clients. ## Where DAPL fits Arrel is a technology provider and is never the regulated party. DAPL is deployed inside the client's own regulatory perimeter or a licensed partner's. SureClear, a stablecoin settlement service built on DAPL with a tier-one African bank, runs through an FSCA-licensed partner in exactly this way. Because DAPL sits above the providers, an institution can work with the authorised venues and custody technology it chooses, and change one by configuration if its circumstances change, without rebuilding its own systems. ## What to do next Check each provider's current status against the FSCA's published list before you rely on it, and record the result as part of your onboarding file. Then decide which activities you will run under your own licence and which through a partner. If you would like to see how that choice maps onto DAPL, [talk to Arrel](https://arreltech.com/company/contact-sales). ## Questions How many CASP applications had the FSCA received? As of 12 December 2025, the FSCA's list showed 512 applications from crypto asset service providers, of which 300 were approved, 14 declined and 121 withdrawn. Does Arrel hold an FSCA licence? No. Arrel is a technology provider and is never the regulated party. DAPL runs inside the client's own licence or a licensed partner's, such as an FSCA-licensed partner in South Africa. This article is general information for institutions, not legal or tax advice. Confirm your obligations with your advisers. Related [Compliance on DAPL](https://arreltech.com/platform/dapl#compliance) [Audit and reporting](https://arreltech.com/platform/dapl#audit-and-reporting) [Talk to Arrel](https://arreltech.com/company/contact-sales)