Luno secures first crypto asset service provider license in South Africa

Luno has become the first dedicated crypto asset service provider in South Africa to receive its financial services provider license under the new regulations. 

This milestone follows the Financial Sector Conduct Authority's (FSCA) declaration of crypto assets as financial products, aligning with the Financial Advisory and Intermediary Services Act of 2002.  This Act aims to regulate the financial services industry, ensuring that financial services providers (FSPs) adhere to a professional code of conduct and specific enforcement measures. FSPs are required to be licensed and comply with the legislation, including certain fit and proper requirements. The FAIS Act also provides for the regulation of collective investment schemes, as defined in the Collective Investment Schemes Control Act, 2002

Christo de Wit, Luno's South Africa Country Manager, expressed excitement about this achievement, emphasizing the company's commitment to compliance, safety, and security for its customers.

This development marks a significant step forward for both the cryptocurrency industry and South Africans, highlighting Luno's decade-long experience and dedication to prioritizing customer protection and regulatory adherence.