TRACTION FOR CRYPTO PLAYERS

Luno, a well-established crypto exchange, received the first license to operate as a financial services provider under the Financial Advisory and Intermediary Services Act 2002. This milestone not only signifies Luno's commitment to regulation, safety, and security but also paves the way for the introduction of new products and features for financial institutions.

Meanwhile, Zignaly, a decentralized social investing marketplace, obtained a Category 2 – Discretionary Financial Services Provider license. This approval empowers Zignaly to manage investments on behalf of investors and act as a fund custodian, positioning it as a significant player in the regulated crypto space.

The FSCA's initiative to license crypto firms aligns with the integration of cryptocurrencies into regular financial activities, aiming to enhance consumer protection and combat financial crimes. With approximately 60 crypto platforms set to be licensed, the regulator emphasizes the importance of compliance and imposes hefty fines on unlicensed entities.

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