According to a report by Bloomberg, a market research platform, South Africa’s financial regulator has announced that all cryptocurrency exchanges in the country need to obtain licenses by the end of the year, stated Cointelegraph.
With insights from a report by Bloomberg, Unathi Kamlana, Financial Sector Conduct Authority (FSCA) commissioner mentioned that the agency got about 20 license applications after its recent opening and expects that more applications can come before the deadline which is till November 30, 2023, Cointelegraph added.
Sources revealed that Kamlana also mentioned that if cryptocurrency exchanges continue to operate without a license even after setting a deadline, the regulator may take “enforcement action.” It is believed that this may involve fines or the closure of non-compliant firms, Cointelegraph highlighted.
Furthermore, Kamlana also highlighted that there is a need to determine the effectiveness of the measures and assured ongoing collaboration with the industry for re-creating, improving and adding the changes needed for such developments, Cointelegraph concluded.
(With insights from Cointelegraph)