Luno, a cryptocurrency firm, has secured a license from the South African Financial Services Conduct Authority (FSCA) to function as a financial services provider.
This milestone makes Luno the first specialized crypto asset service provider in South Africa to obtain such a license, following the FSCA’s classification of crypto assets as financial products under the Financial Advisory and Intermediary Services Act of 2002.
Luno Receives Licence to Operate as Financial Services Provider
Christo de Wit, Luno’s Country Manager for South Africa, expressed satisfaction with the license, emphasizing the company’s decade-long experience in the crypto sector.
He highlighted Luno’s commitment to compliance, safety, and security for its customers, which have been instrumental in the company’s growth trajectory.
De Wit remarked, “This is a positive step for both the cryptocurrency industry and South Africans. Compliance, safety, and security for our customers have driven our growth since the beginning and will continue to be priorities as we expand our offering to introduce more features and products for financial institutions.”
Licensing Luno Signifies Development
The licensing of Luno by the FSCA signifies a significant development in the regulatory landscape for crypto assets in South Africa.
It underscores the growing recognition of cryptocurrencies as legitimate financial instruments and highlights the importance of regulatory compliance and consumer protection in the rapidly evolving crypto market.
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