Crypto firms in South Africa: Get licensed or pay R10 million
Companies that provide services related to crypto assets, such as Binance and Luno, will have to soon apply for a license from the Financial Sector Conduct Authority .
FSCA has outlined the application period from 1st June 2023 to 30th November 2023, but will provide an exemption for companies who have already applied for a license. Crypto companies operating in South Africa must now apply for a license from the FSCA from 1st June 2023 and, if they continue providing crypto services after the 30th November 2023 deadline, could face dire consequences.
“Any person who, as a regular feature of the business of such person, renders financial services in relation to crypto assets without a licence will be in contravention of section 7 of the FAIS Act, unless exempted,” FSCA explains in the October gazette.
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