Luno Among First Crypto Firms to Receive South Africa License
Crypto exchange Luno has obtained a license from South Africa's financial regulator, making it one of the first regulated crypto entities in the country. The approval was granted under the Financial Advisory and Intermediary Services Act, 2002 (FAIS), and Luno now appears on the Financial Sector Conduct Authority's (FSCA) registry of authorized entities. The FSCA began accepting licensing applications from crypto firms in June 2023 after legislation was passed to regulate crypto-related financial activities. The regulator is expected to approve around 60 firms in the short term and has warned of significant fines for companies operating without the necessary approvals. Luno's South Africa country manager, Christo de Wit, highlighted the importance of compliance, safety, and security for their customers.
