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This should put an end to claims by some companies that they are the ‘first’ or ‘only’ ones receiving licences. From Moneyweb.

The FSCA says it has received 374 licence applications to date and continues to process these. Image: Moneyweb

The Financial Sector Conduct Authority (FSCA) has published a full list of all 75 licences issued to crypto asset service providers (Casps) in response to claims by some that they are the ‘first’ or ‘only’ ones to receive their licences.

“The FSCA has noted various statements in the media by certain institutions indicating they are the first or only institutions currently licensed as crypto asset service providers under the Financial Advisory and Intermediary Services (FAIS) Act. For completeness, the FSCA wishes to clarify and confirm that it has, to date, approved a total of 75 institutions to be licensed as Casps.”

The full list can be viewed here

The largest exchanges – VALR, Luno and AltCoinTrader – are licensed. Crypto arbitrage companies Future Forex and Currency Hub are also licensed, and alternative investment group Jaltech has three licences.

Asset management companies also in the mix

A surprising number of wealth, advisory and asset management companies are also reflected on the list of approved licences, among them Efficient Private Clients, Exclusive Advisory Services, Graphite Asset Advisory, Indexa South Africa, Liquid Bridge Fund, Momentum Consult and Peresec Prime Brokers.

Read/listenFSCA approval of 59 crypto licences a ‘tremendous’ step

One stated goal of licensing Casps is eliminating scams such as Mirror Trading International and Africrypt. Members of the public being enticed into crypto schemes can now check whether the company is licensed by the FSCA by accessing the above list.

The Casp licensing process started in June 2023, when companies offering financial services related to crypto assets were given a 30 November 2023 deadline to submit their licence applications.

Read:
D-day for crypto assets has arrived, as FSCA targets scams [Oct 2022]
FSCA gets 93 crypto asset service provider licence applications [Dec 2023]

The FSCA says it has received 374 licence applications to date and continues to process these. It will update the list as more approvals are granted. 

The regulator says crypto assets are defined as a digital representation of value that:

  • Is not issued by a central bank but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility;
  • Applies cryptographic techniques; and
  • Uses distributed ledger technology.

“The public is reminded that the FSCA’s licensing powers are limited to the authorisation and supervision of Casps only insofar as they render financial services related to crypto assets as defined under the FAIS Act, i.e., advice, intermediary and investment management services. This authorisation does not include the recognition of crypto assets as legal tender or ‘cryptocurrency’,” says the FSCA.

“Any media reports implying otherwise are therefore incorrect as the South African Reserve Bank does not currently recognise crypto assets as currency.”