A new crypto regulation in South Africa will see crypto exchanges unable to operate in the country without licences by November 30.
South Africa’s Financial Sector Conduct Authority will require that crypto exchanges in the country operate with licences by the end of the year.
Commissioner of the FSCA, Unathi Kamlana says the regulator has received about 20 applications since the commencement of the exercise, with further plans for enforcement action that could see the unabiding firms fined or closed down if they continue to operate without a licence past November 30 deadline.
Several of the continent’s largest crypto trading exchanges emerged from South Africa, including Luno and VALR. Other global platforms such as Binance operate in the country and will also need to abide by the new regulations.

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