South African entities looking to enter the crypto game have a laundry list of requirements they must meet to register with the FSCA.
These businesses will need to abide by the Financial Advisory and Intermediary Services Act or risk losing their license.
However, while we’re a long way from the days where everybody was launching a cryptocurrency, be it for a scam or legit business, there are still those looking to take advantage of people. This license is governed by the Financial Advisory and Intermediary Services Act and those granted it would become crypto-asset FSPs.“By regulating Crypto Asset FSPs, the FSCA has shown it understands that South Africans rely on these service providers and invest significant trust and assets in them,” explains Kelle Gagné, Counsel at law firm Allen & Overy.
Applicants and their key individuals and representatives must have no history of legal or professional misconduct and must not be under investigation or proceedings that could result in conviction.If not already regulated as a bank or insurer, the applicant must demonstrate financial soundness, with different requirements depending on whether the applicant will hold or receive client assets.
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