South Africa will license about 60 cryptocurrency platforms by the end of the month.
license about 60 cryptocurrency platforms by the end of the month, putting it among the first nations on the continent to require digital asset exchanges to have permits to operate.
“We are processing those licensing applications and we’re doing so in a phased kind of manner given the numbers,” FSCA commissioner Unathi Kamlana said.The regulator opted not to develop a separate framework for crypto operators, and instead will oversee the firms under the existing Financial Advisory and Intermediary Services Act, which focuses on the honesty, integrity, competency and ability of all financial services providers under its so-called fit-and-proper requirements.
Bitcoin — the world’s largest cryptocurrency — hit an all-time high of US$73 664 on Wednesday, bolstered by record-breaking inflows into US exchange-traded funds tied to the unit. Other cryptocurrencies have been similarly lifted by renewed interest in the asset class. Ether traded as much as 3.3% higher on Wednesday and has increased about 75% this year.
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