It is new and as a result not oversubscribed or saturated by any means.
Currently there are no specific laws that govern crowdfunding in South Africa. The FSCA reiterated their stance that crowdfunding was subject to their regulation and these businesses must follow the regulations of the FAIS Act.
Depending on the specific business of the crowdfunding platform they might fall within the ambit of some of the legislation in the financial services sector. Every case must be assessed on its own merit, especially if there will be an active participation from the crowdfunding platform in terms of advice and intermediary services on equity crowdfunding. Another difficulty in regulating these funds is that country borders are not a barrier for entry at this stage so multinational firms effectively operate in South Africa as well, depending on their own regulations in the country of incorporation.
This is unknown due to the market being in its early stages. Some of the competitors:
Durban, South Africa