EA Capital, a financial service provider focusing on blockchain technology in South Africa, has obtained a regulatory license in the region. The company received a Category I license as a Crypto Asset Service Provider from the Financial Sector Conduct Authority.
Bridging Traditional Finance and Digital Assets
Since 2022, EA Capital has reportedly operated as a regulated Financial Services Provider and an Accountable Institution under the Financial Intelligence Centre.
According to the company's LinkedIn post, the licensing reflects South Africa's efforts to regulate the digital asset space with the aim of protecting investors and consumers while enhancing the sector's credibility. The company now seeks to integrate established banking practices with its digital solutions.
“EA Capital provides a unique blend of an established traditional international banking team with a long-term market-leading track record, experienced, and expert crypto/digital asset &blockchain technology team with complementary skills and experience,” commented Ryan Aufrichtig, the company's Founder and CEO.
“Our CASP license underscores EA Capital (Pty) Ltd's culture, experience, expertise, and understanding in the governance and management of the full ‘front-to-back’ business within a highly regulated TradFi environment into the crypto/digital space/age.”
Plans to License Crypto Firms
Early this year, South Africa announced plans to license an estimated 60 crypto firms. This step by the Financial Sector Conduct Authority highlighted the nation's proactive steps in regulating the digital asset space. South Africa's regulator revealed that more than 300 crypto-asset providers were seeking licenses in the region. The deadline for application for the approvals was scheduled for November 30.
Consequently, the FSCA warned that firms that do not register by the end of November risk facing enforcement actions, including fines or business closure. The regulator opted to utilize the existing Financial Advisory and Intermediary Services Act instead of developing a standalone regulatory framework for crypto operators.
In addition to the digital asset space, CFI, an online trading provider, expanded its services into South Africa by obtaining a Category I Financial Service Provider license from the Financial Sector Conduct Authority in May. The company welcomed the approval as a highlight of itscompliance with regulatory standards in the region.
This article was written by Jared Kirui at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments