South Africa’s Financial Regulator Mandates Licensing for Crypto Exchanges

According to a Bloomberg report, South Africa’s financial regulator has announced that all cryptocurrency exchanges operating in the country will be required to obtain licenses by the end of the year.

The Financial Sector Conduct Authority (FSCA) commissioner, Unathi Kamlana, revealed that the agency has already received approximately 20 license applications since the recent opening of the licensing process. Kamlana expects more applications to be submitted before the November 30 deadline.

In the report, Kamlana emphasized that if crypto exchanges continue to operate without a license after the deadline, the regulator intends to take “enforcement action.” This action may involve imposing fines or even the closure of noncompliant firms, as per the report.

Read more: Cointelegraph