South Africa Tightens Crypto Regulation

South Africa Tightens Crypto Regulation



South Africa's financial regulators are calling for cryptocurrency companies with overseas headquarters to establish local offices. This move aims to enhance oversight and accountability. A recent study by the Financial Sector Conduct Authority (FSCA) reveals that around 10% of cryptocurrency service providers in South Africa operate their main offices from abroad.



The FSCA points out that since cryptocurrencies were designated as financial products last year, oversight within South Africa has been inadequate. To address this, the agency is urging these companies to set up local operations. The FSCA defines crypto assets as digital representations of value not issued by a central bank but can be traded, transferred, or stored electronically by individuals and legal entities for payment, investment, or other purposes.



The FSCA


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#Africa, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #News, #Regulations, #SouthAfrica

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