Deniz 
South Africa has begun licensing crypto enterprises, with Luno among the first to get regulatory clearance. Regulators in the country have stated that approximately 60 enterprises will gain approval by April.
Luno, a cryptocurrency exchange, acquired a license from South Africa’s financial regulator on Thursday, making it one of the country’s first licensed crypto businesses. According to a release, the company has acquired clearance as a financial product under the Financial Advisory and Intermediary Services Act of 2002 (FAIS). Luno PTY LTD is now on the FSCA’s list of permitted entities.
The South African authority began accepting licensing applications from crypto enterprises in June 2023, following legislation that brought crypto into the country’s purview of regulated financial activity. The FSCA has vowed hefty sanctions for companies that attempt to operate without the necessary authorization. The agency is anticipated to approve approximately 60 enterprises in the short term.
“This is a positive step for both the cryptocurrency industry and South Africans. Compliance, safety, and security for our customers have driven our growth since the beginning and will continue to be priorities as we expand our offering to introduce more features and products for financial institutions,” said Christo de Wit, Luno’s country manager for South Africa, in a statement.
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