{"id":24873,"date":"2023-12-04T10:01:33","date_gmt":"2023-12-04T10:01:33","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-african-financial-regulator-progresses-crypto-licensing-between-market-dynamics\/"},"modified":"2023-12-04T10:01:33","modified_gmt":"2023-12-04T10:01:33","slug":"south-african-financial-regulator-progresses-crypto-licensing-between-market-dynamics","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-african-financial-regulator-progresses-crypto-licensing-between-market-dynamics\/","title":{"rendered":"South African Financial Regulator Progresses Crypto Licensing Between Market Dynamics"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The main financial regulator in South Africa, the Financial Sector Conduct Authority (FSCA), has reached a critical point in its evaluation of applications from cryptocurrency service asset providers (CASPs). The FSCA\u2019s Licensing Executive Committee will address 36 of the 128 applications that are currently pending at its meeting on December 12.<\/p>\n

Phased Evaluation Approach<\/h2>\n

The FSCA<\/a> has decided to assess CASP petitions in stages. Twenty-two further applications are scheduled for deliberation on February 13 after the December conference, and the remaining fourteen are scheduled for March. A thorough examination, comprising Know Your Customer onboarding, data protection, cyber risk management, conflict of interest management, complaint handling, and credit counterparty risk management, is part of the Authority\u2019s evaluation methodology.<\/p>\n

On November 30, the FSCA concurrently issued its \u201cCrypto Assets Markets Study\u201d for 2023. According to the survey, 60% of all cryptocurrency traded in South Africa is made up of \u201cunbacked crypto assets,\u201d which include cryptocurrency other than stablecoins (which have a 26% market share) and nonfungible tokens (NFTs, which have a 4% market share), as well as other coins that are issued centrally.<\/p>\n

The record-breaking monthly transaction value in November 2022\u2014which exceeded 8 billion rand, or around $427 million\u2014is noteworthy because it shows how active the South African cryptocurrency market is becoming.<\/p>\n

The FSCA sent out a strong warning in July 2023, requiring all CASPs operating in the nation to get a license by the end of the same year. The agency is prepared to take \u201cenforcement action\u201d\u2014which might include penalties or even closure\u2014against unauthorized operations after the deadline.<\/p>\n

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The regulatory environment in South Africa is in line with the worldwide trend of governments actively participating in the developing cryptocurrency market. In order to protect the integrity and security of the cryptocurrency market, the FSCA emphasizes the significance of complying with strong regulatory frameworks as it moves through the CASP applications.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) The main financial regulator in South Africa, the Financial Sector Conduct Authority (FSCA), has reached a critical point in its evaluation of applications from cryptocurrency service asset providers (CASPs). The FSCA\u2019s Licensing Executive Committee will address 36 of the 128 applications that are currently pending at […]<\/p>\n","protected":false},"author":5,"featured_media":24874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24873"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24873"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24874"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}