Cryptocurrency exchange Luno has received a license from South Africa's financial regulator, becoming one of the first cryptocurrency entities to be regulated in the country, the company said on Thursday.
The company said in a statement that it has been approved as a financial product under the Financial Advice and Intermediary Services Act 2002 (FAIS). Luno PTY LTD now appears on the FSCA Register of Approved Entities.
The South African regulatory body began accepting license applications from cryptocurrency companies in June 2023 after legislation was passed to bring cryptocurrencies into the scope of regulated financial activities in the country. With FSCA He promised heavy fines For companies trying to operate without obtaining the correct approvals.
“This is a positive step for both the cryptocurrency industry and South African citizens. Compliance, safety and security for our customers has been the driver of our growth from the beginning and will continue to be a priority as we expand our offering to offer more features,” said Christo de Wit, Luno’s Regional Director in South Africa. And products for financial institutions.” Al-Bayan.
