fsca

ChainCatcher news, according to News.bitcoin, the South African financial regulator------Financial Sector Conduct Authority (FSCA) has issued a total of 248 crypto asset service provider (CASP) licenses from 420 applications received. According to local reports, 56 applications are still under review, while 9 applications have been rejected, and 106 entities withdrew their applications after the FSCA expressed concerns about their business models.

ChainCatcher news, Yellow Card has obtained a Crypto Asset Service Provider (CASP) license from the South African Financial Sector Conduct Authority (FSCA). This license allows Yellow Card (also licensed in Botswana) to expand its operations and meet the growing demand for stablecoin services.Previous news, the African crypto trading platform Yellow Card announced the completion of a $33 million Series C funding round, led by Blockchain Capital.

ChainCatcher news, the South African Financial Sector Conduct Authority (FSCA) announced that although the Western Cape High Court has lifted the asset preservation order against the South African exchange Banxso (Pty) Ltd, Banxso's Financial Services Provider (FSP) license remains revoked.In addition, the company is prohibited from conducting financial services business, and its funds can only be used to migrate clients to other FSCA-authorized financial service providers. The related case of Banxso is scheduled for a retrial on December 4, 2024, and the FSCA is investigating the activities of Banxso and its management.

ChainCatcher news, according to Bitcoin.com, the South African Revenue Service (SARS) has announced the inclusion of crypto assets in its compliance program. The revenue service is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.SARS recently stated that it felt it necessary to take this step after noticing that taxpayers were not declaring crypto assets and transactions on their tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies.In its latest comments on the issue, SARS stated that it is working to simplify compliance for taxpayers and traders. Meanwhile, tax officials emphasized the consequences of intentional tax evasion. To achieve this goal, SARS stated that it has strengthened its audit team and adopted the latest technology.

ChainCatcher news, the Financial Sector Conduct Authority (FSCA) of South Africa has issued 63 licenses to Crypto Asset Service Providers (CASP). These approved licenses bring the total number of CASPs authorized to operate in South Africa to 138.According to the FSCA report, 383 applications have been received from entities seeking to provide crypto-related services. Of these, 5 applications were rejected for not meeting the applicable "fit and proper" requirements as stipulated by local financial services law. Additionally, 80 applications were voluntarily withdrawn by the applicants after engaging with the financial services regulator.

ChainCatcher news, the enforcement division of the Financial Sector Conduct Authority (FSCA) of South Africa has established a task force to investigate individuals or entities operating cryptocurrency financial services without the appropriate licenses. Currently, there are 30 cases under review.The FSCA aims to protect the public and maintain fairness in the industry by taking decisive action against illegal cryptocurrency operations. The regulator will also publish the results of its investigations and issue warnings if unregistered cryptocurrency businesses are found. Before classifying crypto assets as financial products on October 19, 2022, the FSCA provided a grace period until November 30, 2023, for license applications to be submitted.

ChainCatcher news, according to Finance Feeds, alternative investment fund management company Jaltech has received a Crypto Asset Service Provider (CASP) license from the South African Financial Sector Conduct Authority (FSCA). This license will allow Jaltech to provide cryptocurrency investment services to financial advisors as well as institutional and retail investors.ChainCatcher previously reported, according to Bloomberg, that South Africa will issue licenses to about 60 cryptocurrency platforms by the end of March, making it one of the first countries on the African continent to require digital asset trading platforms to obtain operating licenses.

ChainCatcher news, the enforcement head of the Financial Sector Conduct Authority (FSCA) of South Africa stated that he expects the organization to decide on the approval of 50 cryptocurrency companies' license applicants in the coming weeks. The regulator mentioned that out of more than 100 entities applying for licenses, 20 have already withdrawn their respective applications.