The Financial Sector Conduct Authority (FSCA) of South Africa has authorized 59 operating licenses for cryptocurrency companies, according to a recent Reuters story. This noteworthy development coincides with the continent of Africa’s most developed economy beginning to move toward asset class regulation.
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Rising Interest in Cryptocurrency Within South Africa
Felicity Mabaso, a divisional executive at the FSCA, told attendees at a financial sector conference that as of Tuesday, the authority had received 355 license applications, of which 59 had already been approved. A further 262 applications are presently being reviewed, which shows that South Africa is becoming more interested in the digital asset sector.
The report also mentions that as part of the licensing procedure, licensed service providers will be continuously observed. This will enhance consumer protection in addition to guaranteeing adherence to legal requirements.
Simultaneously, the Financial Sector Conduct Authority of South Africa will initiate inquiries into persons who have rendered financial services related to cryptocurrencies without the required authorization to incorporate them into the nation’s regulatory structure.
OKX Gets Singaporean Payments License Approved
The Monetary Authority of Singapore (MAS) has given its Singaporean subsidiary in-principle approval to obtain a payments license. This was disclosed by OKX, a cryptocurrency exchange based in the Seychelles, on Wednesday. By enabling OKX to provide cross-border money transfer services and digital payment tokens in Singapore, this development enhances Singapore’s standing as a leading cryptocurrency hub in Asia.
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With the approval in hand, OKX President Hong Fang says the company wants to capitalize on Singapore’s increasing demand for digital asset services, viewing it as a “priority market.”
The action is being taken during a wild period in the cryptocurrency market, when investors are swarming US Bitcoin spot exchange-traded funds (ETFs) and Bitcoin is hitting all-time highs. Moreover, interest in cryptocurrencies has increased due to expectations of worldwide interest rate reductions, according to Reuters.
OKX’s growing global presence is further enhanced by this latest approval. The exchange was granted a regulatory license in Dubai in January, which enables it to offer cryptocurrency services to individual customers.
All things considered, OKX has achieved a significant milestone with its in-principle approval for a payments license in Singapore, which will allow it to provide a greater range of digital asset services throughout Southeast Asia.
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