More than 300 crypto asset providers are seeking approval, the Financial Sector Conduct Authority said, giving exchanges until Nov. 11 to apply for licenses or risk enforcement action.
More than 300 crypto asset providers are seeking approval, the Financial Sector Conduct Authority said, giving exchanges until Nov. 11 to apply for licenses or risk enforcement action.
“We are processing these license applications and we will do it in a phased manner given the limited number,” Unathi Kamlana, commissioner of the FSCA, told Bloomberg.
The regulator chose not to develop a separate framework for cryptocurrency operators, instead overseeing these firms under the existing Financial Advisory and Intermediary Services Act, which focuses on the honesty, integrity, competence, and fitness and propriety requirements for all financial service providers.