Crypto Exchanges Licensing A Must In South Africa
According to the country’s financial regulator, South Africa will require crypto exchanges to operate with licences by the end of the year.
Since opening for licences a few weeks ago, the Financial Sector Conduct Authority has received roughly 20 applications, with more expected before the Nov. 30 deadline, according to FSCA Commissioner Unathi Kamlana in an interview. If the enterprises continue to operate without a licence after the deadline, the regulator aims to take “enforcement action,” which could include closing them down or fining them, according to Kamlana.
“There is potentially serious harm to financial customers when using crypto products, and therefore it makes sense for us to introduce the regulatory framework,” Kamlana said in Pretoria. “Time will tell the effectiveness of our measures, and we will continue to work together with the industry to refine and make changes where and if necessary.”
(With inputs from Shikha Singh)
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