South Africa to Require Crypto Exchanges to Get Licensed by Year-End

By the end of 2023, crypto exchanges in South Africa will only be able to operate under licenses obtained from the local financial regulator, the Financial Sector Conduct Authority (FSCA), reportedly.

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, said FSCA Commissioner Unathi Kamlana, since crypto trading services offered by platforms without a license can bring potential harm to traders and investors.

He stated that the regulator will keep working with the crypto space in order to improve it and make changes, should that be necessary.

(Source: U. TODAY)