Financial institutions that proactively embed governance, technology, and culture to meet evolving regulatory standards will not only avoid penalties but also strengthen credibility, build resilience, and drive long term value.
The FSCA and the FIC remind CASPs and FSP CASPs of the compliance requirements that take effect on 30 April.
The report outlines the CASP sector’s vulnerabilities and provides guidance on how enhanced compliance and improved risk management can help to safeguard the industry.
Unathi Kamlana says the Authority will support the integration of advanced technologies and strengthen frameworks for consumer protection, cyber resilience, and financial inclusion.
Of the 420 CASP licence applications received, nine were declined, while 106 applications were voluntarily withdrawn.
Starting 30 April 2025, CASPs and FSPs will have to collect and share detailed client information when engaging in crypto transfers.
The Authority gives crypto asset service providers a seven-month reprieve.
Following widespread challenges with its e-portal, the FSCA has re-opened submissions for its Directive to Provide Information.
As the regulatory framework develops, many questions remain – particularly around whether all tokens, from fungible coins to unique NFTs, will be regulated the same way.
Among other measures, SARS says it is engaging with the FSCA about providing information on registered crypto asset service providers.
The Financial Intelligence Centre’s sector final risk assessment report for crypto asset service providers is set to be published in the new financial year.
One of the entity’s Facebook posts says it can turn R1 700 into R120 000.
FAIS Notice 25 of 2023 exempts crypto asset FSPs and KIs from the regulatory examination requirements for 18 months.
Not meeting the operational ability and competency requirements are the main reasons the Authority rejected licence applications.
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
The inherent risk of money laundering and terrorist financing for CASPs in South Africa is high, the report says.
The FSCA says the study will bolster its grasp on crypto asset activities, enabling the Authority to fine-tune its oversight and licensing strategies.
