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South African Regulator to License 60 Crypto Platforms by March End

Twitter icon  •  Published il y a 1 mois  •  Nikolas Sargeant

Financial Sector Conduct Authority aims to regulate 60 crypto platforms by March end. Over 300 applications processed; FAIS Act to govern operations.

Regulator Received Over 300 License Applications

South Africa aims to grant licenses to 60 crypto platforms by March end, from 300+ applications received by the Financial Sector Conduct Authority (FSCA) by Nov. 30, 2023. FSCA Commissioner Unathi Kamlana stated that applications are still under process, with further licensing planned in phases. 

As South Africa moves to regulate crypto assets, authorities consider formalizing exchanges and crypto-related businesses. Stablecoins may be classified as a "particular type of crypto asset," according to the Intergovernmental Working Group (IFWG), which also examines tokenization's impact on domestic markets.

Legal Recourse for Aggrieved Crypto Users

FSCA Commissioner Kamlana noted South Africa's use of existing laws to regulate crypto platforms, emphasizing the need to address risks promptly. The Financial Advisory and Intermediary Services (FAIS) Act will oversee crypto entities, providing legal recourse and consumer protections. Kamlana suggested potential adjustments to the regulatory framework as gaps are identified during licensing and supervision.

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.