South Africa's Financial Sector Conduct Authority (FSCA) has announced that it will make operating with licenses mandatory for crypto exchanges by the end of 2023. The financial market regulator said digital asset trading platforms could face enforcement actions for noncompliance. The potential enforcement actions include closure and fines. - The FSCA started accepting applications for a crypto service provider license a few weeks ago.
- Since then, the regulator has received around 20 applications.
- FSCA Commissioner Unathi Kamlana said they want to introduce a regulatory framework for the crypto market since virtual assets could pose the risk of serious harm to financial customers.
South Africa is currently the most developed economy in Africa. - The nation is also the first country on the continent to require crypto exchanges to obtain licenses.
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