Inflow of applications from cryptoexchanges faced by South African regulators expected to surge by end of 2023. cryptoregulation
will only be able to operate under licenses obtained from the local financial regulator, the Financial Sector Conduct Authority .
According to the report, around 20 applications from exchanges have already fallen onto the table of the aforementioned regulator in order to obtain a license since the opening a few weeks ago. The deadline is at the end of November, so more applications are expected to arrive by that time. If crypto exchanges keep operating without licenses when the deadline passes, they will see enforcement action taken against them or will be fined, FSCA Commissioner Unathi Kamlana told Bloomberg, since crypto trading services offered by platforms without a license can bring potential harm to traders and investors.
South Africa will require cryptocurrency trading platforms in the country to obtain licenses to operate by the end of this year. Officials say the FSCA has received about 20 applications since the licenses opened a few weeks ago and expects to receive more before the November 30…
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