South Africa will require that crypto exchanges in the country operate with licenses by the end of the year, according to the country’s financial regulator.

The Financial Sector Conduct Authority has received about 20 applications since opening for licenses a few weeks ago, with more expected before the deadline of Nov. 30, FSCA Commissioner Unathi Kamlana said in an interview. The regulator plans to take “enforcement action” that could see the firms being closed down or fined, if they continue to operate without a license past the deadline, Kamlana said.