The South African general election, scheduled for May 29, is not expected to derail the country's digital assets agenda, according to members of the cryptocurrency community. The Financial Sector Conduct Authority (FSCA) recently established a cryptocurrency licensing regime, making it one of the first African countries to do so. The regulator is poised to issue 60 licenses to cryptocurrency firms under the regime in the coming weeks, having issued licenses to cryptocurrency firms Luno, Zignaly and VALR so far. The country brought cryptocurrency providers within the scope of its Financial Advisory and Intermediary Services Act in 2022 so that digital assets could be regulated as financial products.
Maurice Crespi, a partner at law firm Schindler in South Africa, said this marks a forward-looking approach to regulating the cryptocurrency space, in line with global trends, and acknowledges the growing importance of blockchain technology in modern finance.
Informed sources: South African elections will not interfere with cryptocurrency policy
2024-04-29 07:17:53
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