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FSCA releases list of licensed crypto asset service providers
Not meeting the operational ability and competency requirements are the main reasons the Authority rejected licence applications.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read moreNot 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.
Some 20% of the applications received by the end of October were withdrawn for various reasons.
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.