👍 South Africa's🇿🇦 regulator approved the granting of 60 operational licenses for cryptocurrency exchanges

👍 South Africa's🇿🇦 regulator approved the granting of 60 operational licenses for cryptocurrency exchanges

By November 30, 2023, the South African Financial Sector Conduct Authority (FSCA) had received 300 applications; however, not all of them met the requirements.

🟰 In South Africa, there are several large proprietary trading platforms, notably Luno, owned by Digital Currency Group Inc., led by Barry Silbert, and VALR, backed by Pantera. Additionally, other global platforms, such as Binance, also operate within the country.

🟰 Approximately 45% of cryptocurrency platforms are exclusively based in Cape Town. This undoubtedly pleases the regulator, as it facilitates easier control.

🟰 Despite the growing interest in cryptocurrency by various institutions, prior to regulation it was excluded from the list of possible investments by government organizations and pension funds.

🟰 Almost 10% of the population of South Africa holds crypto assets. It is expected that by 2030 this number will increase to 43%.

🟰 Cryptocurrency has been regulated in the country since 2022.

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