As the global blockchain ecosystem continues to change, more stringent regulation may be on its way to South Africa. Taking a leadership role in cryptocurrency regulation on the African continent, the country’s financial regulator, the Financial Sector Conduct Authority (FSCA), has announced a new requirement for digital asset exchanges to secure licenses by year’s end.
This regulatory change, which is reportedly aimed at curtailing potential financial risks associated with crypto transactions for South African customers, seems to underscore the country’s commitment to keeping pace with the evolving digital landscape.
FSCA Commissioner, Unathi Kamlana, expressed that the introduction of a regulatory framework for crypto products is sensible due to the possible harm that consumers might face.
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