Bitcoin

Read

South Africa is set to become one of the first countries in Africa to mandate licenses for crypto exchanges.&nbsp;
Approximately 60 digital asset platforms are expected to receive their permits by the end of this month, ensuring they operate within regulatory guidelines. In an interview with <a href="https://www.bloomberg.com/news/articles/2024-03-13/south-africa-poised-to-license-60-crypto-platforms-by-month-end" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, the Commission of the Financial Sector Conduct Authority (FSCA) revealed this today.&nbsp;
FSCA has issued a deadline of November 30 for exchanges to submit their licensing applications. Failure to comply could result in regulatory sanctions. The call for applications saw over 300 crypto-asset providers stepping forward to seek official approval.
You might also like: <a href="https://crypto.news/is-bitcoin-becoming-a-first-class-asset/" rel="noopener noreferrer nofollow"> Is Bitcoin becoming a first-class asset? </a>
In a strategic move, the FSCA has decided to incorporate <a href="https://crypto.news/binance-delists-multiple-tusd-trading-pairs-tusd-devaluation-to-blame/" rel="noopener noreferrer nofollow">crypto exchanges</a> within the scope of the existing Financial Advisory and Intermediary Services (FAIS) Act. This decision means crypto platforms will be evaluated based on transparency, ethical conduct, competency, and operational ability, aligning with the FAIS Act’s stringent ‘fit-and-proper’ requirements.
The regulatory milestone coincides with a significant surge in <a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s</a> value, reaching a historic peak of $73,664. Bitcoin’s rise reflects a trend of growing investment and interest in cryptocurrencies, further emphasized by unprecedented investments in spot Bitcoin ETFs.
Under the new regulatory framework, consumers engaging with crypto exchanges will access enhanced protections and avenues for previously unavailable recourse. The FSCA’s authority to enforce the FAIS Act’s standards ensures a safer environment for operators and consumers in the digital asset space.
Read more: <a href="https://crypto.news/nigeria-reportedly-requested-data-from-binance-on-its-top-100-largest-customers-following-executives-arrest/" rel="noopener noreferrer nofollow"> Nigeria reportedly requested data from Binance on its top 100 largest customers following executives arrest </a>

South Africa to license 60 crypto exchanges in regulatory milestone

crypto.news

Other articles published on Mar 13, 2024

Poodl Inu: Can This New Meme Coin Outperform BONK, Pepe, and WIF in 2024

Meme Coins COQ and SNEK Surge in Value

Arbitrum Initiates Program to Boost Web3 Gaming Sector

Everyworld Launches Revolutionizing Web3 Discovery and Rewarded Ads Platform

Revolutionary Smartphone App Diagnoses Ear Infections in Children

Injective (INJ) Investors are Rushing to Buy Algotech (ALGT)

Join our free newsletter for daily crypto updates!