The Enforcement Division within South Africa’s Financial Sector Conduct Authority (FSCA) has formed a team to investigate individuals or entities operating crypto financial services without proper licenses. Currently, 30 cases are under scrutiny. The FSCA aims to protect the public and maintain industry fairness by taking decisive action against unlawful crypto businesses. The regulator will also make the outcome of its investigations known and will publish warnings if it discovers an unregistered crypto business. Before classifying crypto assets as financial products on October 19, 2022, the FSCA provided a grace period until November 30, 2023, for submitting license applications.
South African Regulator Investigates 30 Cases of Unlicensed Crypto Operations
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