Crypto asset service providers will have to be licensed from 2023
Businesses dealing in cryptoassets can continue to operate provided they apply for a licence between June 1 and November 30 2023
Crypto asset service providers will have to be licensed after SA authorities designated digital assets as financial products to bring them under regulatory control and offer better protection to customers who dabble in the virtual tokens.
The Financial Sector Conduct Authority (FSCA), one of SA’s two main financial regulators along with the Prudential Authority (PA), declared crypto assets as financial products under the Financial Advisory and Intermediary Services (FAIS) Act in a notice published in the government gazette on Wednesday. Though the declaration, which was signed by FSCA commissioner Unathi Kamlana, took effect on the date of publication an exemption period will apply...
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