The FSCA has received 420 crypto asset service provider licence applications since June 2023.
The Financial Sector Conduct Authority has announced that it has approved 248 crypto asset service provider licences out of the 420 applications received since., when the FSCA had approved 75 crypto asset service provider licences and received 374 applications.
“Institutions that have voluntarily withdrawn their applications or that have had their applications declined by the FSCA are free to re-apply in future, on condition that they demonstrate full and proper compliance with the applicable licensing requirements,” the regulator stated.The FSCA warned that any institution or person found to be conducting CASP-related activities without authorisation will be subject to regulatory action.
The FSCA’s update regarding the number of licensed CASPs comes after the Financial Intelligence Centre , which will require crypto platforms in South Africa to identify the parties to a cryptocurrency transaction. According to the FIC, implementing the travel rule will help ensure that crypto assets flowing through CASPs are not used for money laundering, terrorist financing, or the illegal funding of weapons of mass destruction.
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