South Africa’s financial regulator has ordered crypto exchanges in the country to apply for licenses before the end of the year to continue operating.
Bloomberg reports South Africa’s Financial Sector Conduct Authority (FSCA) said cryptocurrency exchanges operating within the country must apply for licenses before year end to continue their operations.
FSCA Commissioner Unathi Kamlana said in an interview that the authority received about 20 applications since opening licenses a few weeks ago and expects more to be submitted before the deadline on November 20.
Kamlana said the FSCA plans to take “enforcement action” against exchanges that continue to operate without a license after the deadline, adding that firms could be closed down or fined. The Commissioner said:
There is potentially serious harm to financial customers when using crypto products, and therefore it makes sense for us to introduce the regulatory framework.
Time will tell the effectiveness of our measures, and
We współpracy z: https://cryptodaily.co.uk/2023/07/south-africa-will-require-exchanges-to-register-by-year-end
