South Africa's FSCA Licenses 75 Crypto Asset Service Providers
The South African Financial Sector Conduct Authority (FSCA) has been busy regulating the crypto landscape. It has clarified its licensing authority and approved several crypto asset service providers (CASPs) to operate in the app store.
The FSCA began licensing CASPs in June 2023, with a deadline for applications in November. As of now, it has approved 75 CASPs, including prominent names like Luno and VALR. Luno received a Category I license, while VALR secured both Category I and II licenses. Other approved CASPs include ARC Capital, DFM Global, Unum Capital, Indexa South Africa, Wealth Tap, Peresec Prime Brokers, CAEP Asset Managers, Kudala Wealth, and Peresec Fund Platform, with varying license categories.
The FSCA has warned that operating without a license will not be tolerated. It has received 374 applications to date and continues to process and approve licenses, providing updates as they come.
While the FSCA has not recognized crypto assets as legal tender or currency, it is committed to regulating the crypto sector. With 75 CASPs now licensed, the South African crypto market continues to grow and evolve under the FSCA's watchful eye.
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