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South Africa releases list of 75 newly licensed crypto firms 

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Home Cryptocurrency

South Africa releases list of 75 newly licensed crypto firms 

Ibukunoluwa Bankole by Ibukunoluwa Bankole
April 24, 2024
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South Africa releases list of 75 newly licensed crypto firms 
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The Financial Sector Conduct Authority (FSCA) has released a comprehensive list of all 75 licences issued to crypto asset service providers (Casps) in light of claims by certain institutions that they are the ‘first’ or ‘only’ ones to receive their licences. 

The FSCA clarified that it has approved 75 institutions to be licensed as casinos under the Financial Advisory and Intermediary Services (FAIS) Act.

Recall that Techpression had reported the FSCA’s initial release of the first series of 60 licence approvals, including Luno’s, in the second week of April. Luno’s SA country manager, Christo de Wit, had expressed his excitement, stating that it was “a positive step for both the cryptocurrency industry and South Africans.” He also emphasised the need for customer compliance and safety, saying they “have driven our growth since the beginning and will continue to be priorities.”

Read also: South Africa Issues Crypto licences to Luno, 59 others

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Diverse Range of Licensed Crypto Institutions

Major exchanges in South Africa, including VALR, Luno, and AltCoinTrader, are among the licensed casinos. Additionally, crypto arbitrage companies Future Forex and Currency Hub, as well as alternative investment group Jaltech, have received licences.

A notable inclusion on the list of approved licences is several wealth, advisory, and asset management companies. Entities such as Efficient Private Clients, Exclusive Advisory Services, Graphite Asset Advisory, Indexa South Africa, Liquid Bridge Fund, Momentum Consult, and Peresec Prime Brokers have been granted licences.

FSCA’s list of 75 approved crypto asset service-providers

Combatting Crypto Scams and Ensuring Accountability

One of the critical objectives of licensing casinos is to eradicate scams within the crypto space, such as Mirror Trading International and Africrypt. The issuance of licences enables members of the public to verify whether a company is licensed by the FSCA by referring to the list of approved licences.

Licensing Casps commenced in June 2023, with companies offering financial services related to crypto assets given until 30 November 2023 to submit their licence applications. The FSCA has received 374 licence applications and continues to process these. As approvals are granted, the regulator will update the list of approved licences accordingly.

Read also: Binance founder’s wealth rises by $8.42b amid regulatory scrutiny

The FSCA defines crypto assets as a digital representation of value that is not issued by a central bank but is capable of being traded, transferred, or stored electronically. These assets employ cryptographic techniques and utilise distributed ledger technology.

The government agency also emphasises that its licensing powers are limited to the authorisation and supervision of casinos, which are only to provide financial services related to crypto assets. It is important to note that this authorisation does not extend to recognising crypto assets as legal tender or ‘cryptocurrency,’ as the South African Reserve Bank does not currently recognise crypto assets as currency.

The FSCA’s decision to regulate crypto firms under existing financial legislation underscores South Africa’s commitment to fostering a compliant and secure crypto environment. 

Tags: Crypto
Ibukunoluwa Bankole

Ibukunoluwa Bankole

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