Crypto exchange Luno obtained a license from South Africa's financial regulator, making it one of the initial crypto entities to achieve regulation in the country. The company received approval under the Financial Advisory and Intermediary Services Act, 2002 (FAIS) and is now listed on FSCA's authorized entities registry.
South Africa's regulator began accepting licensing applications from crypto firms post the enactment of legislation to bring crypto activities under regulated financial scope in the country. FSCA has warned of significant fines for companies operating without requisite approvals.
"Compliance, safety, and security for our customers have been driving factors in our growth. They will remain our key focus areas as we strive to expand offerings, bringing new features and products to financial institutions," shared Christo de Wit, Luno's South Africa country manager.
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