The financial regulator warns that crypto operators that did not submit operating licence applications will face the full might of the law.
Non-compliant crypto service providers will be dealt with accordingly, says the Financial Sector Conduct Authority.
Speaking at the event, Felicity Mabaso, divisional executive for licensing and the business centre at FSCA, said the regulator received applications from 355 CASPs since it set the ball rolling on the implementation of the crypto-asset reporting framework last year. FSCA’s licensing and business centre department is engaging the organisation’s enforcement department on some of the complaints received from the public on the unauthorised businesses.
After years of saying it would not regulate the crypto-currency industry, the South African Reserve Bank made a U-turn in 2022 andCrypto assets are declared a financial product in SA under section one of the Financial Advisory and Intermediary Services Act No 37 of 2002 . “The outcome of these engagements resulted in 38 applicants voluntarily withdrawing their applications because of the acknowledgement that they don't meet the competence requirements to operate a crypto business.
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