According to the regulator of the South African financial services industry, cryptocurrency exchanges based in the country must secure operating licenses before the year ends. Crypto exchanges that fail to abide by the requirement will either be fined or closed down, Unathi Kamlana, the Financial Sector Conduct Authority commissioner, said.
The Importance of Regulation
The South African financial services regulator, Financial Sector Conduct Authority (FSCA), has said cryptocurrency exchanges operating in the country must secure operating licenses before the end of the year. According to Unathi Kamlana, the FSCA commissioner, entities that fail to abide by this requirement will either be fined or closed down.
The latest crypto-related comments by Kamlana just a few months after a fintech analyst with the South African Reserve Bank revealed that regulations governing tokenized deposits and crypto assets will become effective on Jan. 1, 2025. However, the analyst warned that regulators w
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