According to
the #Financial Sector Conduct #Authority (#FSCA) commissioner, Unathi Kamlana, the
agency has accepted almost 20 license applications since its recent opening and
many more are expected before the closing day.
Kamlana threatened
that any cryptocurrency exchange domiciled in the country that continues to
operate without obtaining licenses after the deadline will face enforcement
actions which may include penalties or the closure.
Sequel to
the potential for remarkable harm to financial clients, the FSCA commissioner stated
that setting up a regulatory framework for crypto exchanges is a well-advised
strategy.
Obviously, South
Africa becomes the first country in Africa to force #digital #asset exchanges
to get licenses.
This move
comes as crypto authorities and lawmakers throughout the world tighten crypto
rules.
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