South Africa's FSCA sets deadline for crypto exchange licenses, enforcement actions loom.
South Africa's financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg.
Kamlana further mentioned that if crypto exchanges continue to operate without a license after the deadline, the regulator intends to take"enforcement action," which may involve fines or closure of the non-compliant firms, according to the report. This initiative means South Africa becomes the first country on the continent to require that digital asset exchanges secure licenses as crypto regulators and policymakers around the world continue to tighten the regulation belt around cryptocurrency.
The FSCA has been involved in crypto and fintech regulations, collaborating with an"inter-governmental fintech working group" consisting of major financial sector regulators and policymakers, including the National Treasury and the South African Reserve Bank.
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