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Headline : Breaking: SA issues first-ever crypto licences to 59 firms

Read more from the original article on here at techcabal.com.




Tags : #breaking #sa #issues #firstever #crypto #licences #59 #firms


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South Africa's crypto regulator, the Financial Sector Conduct Authority (FSCA) has announced the first batch of 59 licenses (Image source: Google)

South Africa’s Financial Sector Conduct Authority (FSCA) has approved operating licences for 59 cryptocurrency firms as of March 12, 2024. This was stated by a representative of the FSCA at the ongoing FSCA Industry Conference in Johannesburg. According to the regulator, 355 applications for crypto licenses were received, 59 of which were approved, while 262 are still being vetted. 

Some of the business models of approved firms include advisory services, exchanges, payment gateways, crypto-to-crypto and crypto-to-fiat-conversion, crypto asset arbitrage, tokenisation, provision of index-based products, and wallet services.

“Any entity that did not apply for a license and continues activities will be investigated and there will be consequences for such actions,” said Felicity Mabaso, the divisional executive for licensing at the FSCA.

Read more from the original article on here at techcabal.com.


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