South African Regulator has Licensed 59 Crypto Firms
The South African Financial Sector Authority (FSCA) immediately approved 59 applications for licenses from cryptocurrency platforms. At the same time, there are still 355 applications in the works.
Last year, the FSCA ordered cryptocurrency companies operating in the country to obtain licenses within 6 months. All approved applications were submitted by November 30, 2023, and it seems that the regulator has begun issuing the promised licenses.
The Reuters edition, citing the head of the FSCA division Felicity Mabaso, reports that the regulator has 355 license applications in total, of which 262 were submitted by cryptocurrency exchanges.
Licensed companies will be regulated by the Financial Advisory and Intermediary Services Act (FAIS). The document provides customer protection measures and authorizes regulatory authorities to take the necessary measures. It also obliges the Department of Financial Supervision of the Central Bank of South Africa to check the implementation of the measures of the law.
"As we issue licenses and regulate the industry, it is quite possible that we will find gaps in the current regulatory framework. And we will have to figure out the issue in order to finalize the legislation," said FSCA Commissioner Unathi Kamlana.
Source: https://bits.media/yuzhnoafrikanskiy-regulyator-litsenziroval-59-kriptofirm/
