Coinspeaker
South Africa Updates Crypto Exchange Licensing Rules
With an estimated 6 million people in South Africa owning cryptocurrencies, South Africa’s financial regulator has updated its crypto exchange licensing rules.
Currently, crypto exchanges operating in South Africa do so without any specific legislation guiding their operation. With no rules in place, these exchanges are not subject to any standards regarding customer protection, anti-money laundering, or taxation.
New Crypto Exchange Licensing Rules
Per the new announcement, all crypto exchanges must obtain licenses from the Financial Sector Conduct Authority (FSCA) by the end of 2023.
To begin with, crypto exchanges will be classified as financial service providers. Consequently, they will be subject to various requirements and obligations under the Financial Advisory and Intermediary Services Act (FAIS Act). To obtain their license, exchanges must implement adequate governance, risk management, and compliance framew
We współpracy z: https://www.coinspeaker.com/south-africa-crypto-exchange-licensing-rules/
