South Africa prescribes licenses for cryptocurrency companies - massive consequences for illegal activities

Bis Ende des Jahres müssen alle Kryptowährungsaustausche, die in Südafrika tätig sind, Lizenzen erwerben, so die Financial Sector Conduct Authority (FSCA) des Landes. Seit Beginn des Genehmigungsverfahrens vor einigen Wochen wurden bereits etwa zwanzig Genehmigungslizenzen erteilt. Unathi Kamlana, eine Vertreterin der FSCA, hat eine Vorsichtsmaßnahme herausgegeben, in der sie erklärt, dass Krypto-Ersatzbörsen, die nach dem Stichtag ohne Lizenzen betrieben werden, Verwaltungsmaßnahmen wie Schließung oder sogar Anklage nach sich ziehen können. Kamlana betonte, dass die Regulierungsbehörde bereit sei, „Durchsetzungsmaßnahmen“ zu ergreifen, einschließlich der Einstellung oder Sperrung von Unternehmen, die nach dem Stichtag ohne Genehmigung weiterarbeiten. In einer eingereichten Klageschrift wies Kamlana …
By the end of the year, all cryptocurrency exchanges that work in South Africa must acquire licenses, according to the country's Financial Sector Conduct Authority (FSCA). Since the beginning of the approval process a few weeks ago, around twenty approval licenses have been issued. Unathi Kamlana, a representative of the FSCA, has issued a precaution in which she explains that crypto replacement exchanges that are operated without licenses after the cut-off date can result in administrative measures such as closure or even charges. Kamlana emphasized that the regulatory authority was willing to take "enforcement measures", including the hiring or blocking of companies that continue to work without permission after the cut -off date. Kamlana wise in a submitted application ...
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By the end of the year, all cryptocurrency exchanges that work in South Africa must acquire licenses, according to the country's Financial Sector Conduct Authority (FSCA). Since the beginning of the approval process a few weeks ago, around twenty approval licenses have been issued.

Unathi Kamlana, a representative of the FSCA, has issued a precaution in which she explains that crypto replacement exchanges that are operated after the cut-off date without licenses can result in administrative measures such as closure or even charges. Kamlana emphasized that the regulatory authority was ready to take "enforcement measures", including the hiring or blocking of companies that continue to work after the cut -off date.

In a submitted application, Kamlana pointed out that the use of cryptocurrency products has potential risks for financial customers. The provision of a regulatory platform is therefore a sensible measure to minimize these threats. The FSCA pursues the goal of monitoring the performance of its own activities and working closely with the market to implement all the necessary changes.

South Africa is the first country on the African continent that prescribes licenses for electronic outlets. Popular exchanges such as Luno, which belongs to the Digital Currency Group from Barry Silbert, and Valr, supported by Pantera, come from South Africa.

The decision of the FSCA to offer a regulatory platform for crypto products is based on concerns about possible damage for financial customers. The FSCA has worked with intergovernmental fintech business teams and important regulatory authorities to develop guidelines for the crypto and fintech industry, including institutions such as the National Treasury and the South African Reserve Bank.

Similar to the activities of the US regulatory authorities, in particular the Securities and Exchange Commission, the FSCA measures have also created the potential to make South Africa a preferred goal for international investors. After the decline of FTX, Brian Armstrong, CEO from Coinbase, described the lack of clear guidelines as a driving force for the relocation of commercial activities from the USA. Some see another international refuge in South Africa.

It should be noted that all information in this article is based on the information available in the text given and do not contain any invented facts. Grammatical errors were corrected and advertising intermediate texts were ignored.

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Bis Ende des Jahres müssen alle Kryptowährungsaustausche, die in Südafrika tätig sind, Lizenzen erwerben, so die Financial Sector Conduct Authority (FSCA) des Landes. Seit Beginn des Genehmigungsverfahrens vor einigen Wochen wurden bereits etwa zwanzig Genehmigungslizenzen erteilt. Unathi Kamlana, eine Vertreterin der FSCA, hat eine Vorsichtsmaßnahme herausgegeben, in der sie erklärt, dass Krypto-Ersatzbörsen, die nach dem Stichtag ohne Lizenzen betrieben werden, Verwaltungsmaßnahmen wie Schließung oder sogar Anklage nach sich ziehen können. Kamlana betonte, dass die Regulierungsbehörde bereit sei, „Durchsetzungsmaßnahmen“ zu ergreifen, einschließlich der Einstellung oder Sperrung von Unternehmen, die nach dem Stichtag ohne Genehmigung weiterarbeiten. In einer eingereichten Klageschrift wies Kamlana …
By the end of the year, all cryptocurrency exchanges that work in South Africa must acquire licenses, according to the country's Financial Sector Conduct Authority (FSCA). Since the beginning of the approval process a few weeks ago, around twenty approval licenses have been issued. Unathi Kamlana, a representative of the FSCA, has issued a precaution in which she explains that crypto replacement exchanges that are operated without licenses after the cut-off date can result in administrative measures such as closure or even charges. Kamlana emphasized that the regulatory authority was willing to take "enforcement measures", including the hiring or blocking of companies that continue to work without permission after the cut -off date. Kamlana wise in a submitted application ...

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