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South African Regulator Grants Approval to 59 Crypto Platforms

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South African financial regulator, the Financial Sector Conduct Authority (FSCA), has granted approval to 59 license applications from crypto platforms seeking to offer services to residents. 

During a financial conference, Felicity Mabaso, the FSCA divisional executive, revealed that the regulator received a total of 355 license applications, with 262 still pending.

In response to this influx, the FSCA set a deadline of November 30 for exchanges and cryptocurrency platforms to submit license applications or face enforcement measures. 

FSCA Commissioner Unathi Kamlana explained that the application processing is ongoing and being carried out gradually due to the high number of applications.

FSCA Uses South Africa’s Existing Regulations 

The FSCA has chosen to utilize South Africa’s existing Financial Advisory and Intermediary Services Act (FAIS) to regulate the crypto sector. 

According to Commissioner Kamlana, the FAIS provides a robust framework that covers crucial aspects of the crypto business, including user protections and enforcement actions when necessary. 

However, Kamlana acknowledges the possibility of future adjustments.

See Also: Hong Kong Approved Spot Bitcoin And Ethereum ETFs

“As we license and supervise, we will discover that perhaps there are gaps that cannot be closed by the existing regulatory framework, the FAIS Act. And we might need to build on that as we discover what those are.”

While specific details about the approved companies have not been disclosed, it is expected that the licensed entities include crypto exchanges and firms offering custody services. 

Regulatory oversight will also extend to crypto brokerage firms and payment processors involved in cryptocurrency transactions.

South Africa Considers Creating New Regulatory Framework

South Africa has been actively considering the creation of a new regulatory framework for the crypto industry since 2021. 

In 2021, the FSCA published a paper highlighting that crypto assets will be brought into the South African regulatory purview in a “phased and structured manner.”

Although the framework was initially expected to be completed by the end of 2022, the South African Reserve Bank (SARB) has already declared cryptocurrencies as financial assets rather than currencies. 

The FSCA aligns with this classification, stating that digital assets should be treated as financial products.

South Africa’s approach towards cryptocurrencies has become more proactive as adoption gradually increases. 

A survey conducted in 2017 revealed that 47% of South Africans had either invested in cryptocurrencies or expressed an interest in doing so. 

Additionally, Bitcoin wallet downloads in the country experienced a 100% increase in the same year. In 2020, crypto exchange Luno reported that South Africa had the third-highest level of crypto ownership worldwide, reaching 13%.

Meanwhile, as crypto adoption continues to rise, South African companies are actively embracing cryptocurrencies. 

Stitch, a South African payments infrastructure firm, introduced “Pay with Crypto” last year, enabling customers to use cryptocurrencies for purchases. 

Paycorp, another company, developed the CryptoExpress app, allowing individuals to withdraw crypto in South African Rands at over 3,000 ATMs.

Last week, cryptocurrency exchange Luno became one of the first firms to receive a license from the FSCA in South Africa, allowing the exchange to operate as a financial services provider in the country.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Press Release

ZKasino Reopened Bridge, Gives Users 72 Hours Retrieve Ether

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  • Zkasino has reopened its Ether bridge to users, giving users 72 hours to retrieve their Ether from the platform.
  • Users can bridge back deposited ether at a 1:1 ratio.
  • Those bridging back to Ethereum will forfeit their reward allocation.
  • More than 10,000 users deposited $33 million to ZKasino last month.

Aggrieved users of Zkasino have been given a 72-hour window to bridge back their ether (ETH) after waiting for over a month.

In a blog post, ZKasino explained that deposited ether can be bridged back at a 1:1 ratio for those who do not want to participate in the conversion to ZKAS, the platform’s native token.

The post added that those bridging back to Ethereum will “forfeit their bridge reward allocation.”

Last month, more than 10,000 users deposited $33 million worth of ether to ZKasino to earn ZKAS. The deposits were made on the premise that the ether would be “returned” once the bridging period was complete.

However, ZKasino then stated that all deposited funds would be converted to ZKAS, leaving users dismayed over the undisclosed conversion. 

Speculation mounted further after as on-chain data revealed that ZKasino had sent the $33 million worth of deposits to staking platform Lido.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Israel Starts Digital Shekel Challenge to Explore Payment Use Cases

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  • Israel will be starting a challenge to explore payment use cases of its digital shekel.
  • Payment service providers would get access to the system to provide advanced payment options to the general public.
  • The Bank of Israel has not decided on issuing a digital shekel, even as it continues its yearslong effort to explore its issuance.

Israel’s central bank is launching a Digital Shekel Challenge as part of an “action plan for a possible issuance of the digital shekel,” to develop uses in the world of payments, it announced Tuesday.

The Bank of Israel said it had built a technological prototype “simulating the heart of the digital shekel system.” 

Payment-service providers would get access to the system to provide advanced payment options to the general public. 

Among the payment types to be explored are micropayments, split payments and payments requiring multiparty signatures.

“In the challenge, for the first time, we allow the financial industry from Israel and abroad and a wide variety of stakeholders in the payments system to cooperate with us in a practical way in thinking, planning and designing the digital shekel,” said Andrew Abir, deputy governor of the Bank of Israel.

The Bank of Israel has not yet decided whether to issue a central bank digital currency (CBDC), even as it continues its yearslong exploration of the technology.

In 2021, it said it had already carried out a pilot test and last year it said it was monitoring scenarios – including whether stablecoins are widely used. 

It also conducted a project with Hong Kong and the Bank for International Settlement (BIS) to probe how the systems can be protected from hacks.

The challenge will kick off with an everything-you-wanted-to-ask webinar on June 6, and go through a process of applications and presentations before culminating at the end of September when results will be discussed. 

A date for final meetings and announcement of the results has not been set.

The challenge is inspired by the BIS Innovation Centre’s “Rosalind Project,” which looked at how application programming interface (API) functionalities could support a retail CBDC and facilitate safe and secure payments, the announcement said.

“This initiative is a significant step for the Israeli ecosystem, potentially bridging the gap between the web3 industry and government, even though DeFi, ZK and permissionless solutions are not yet being considered,” said Saul Rejwan, managing partner at Masterkey VC.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Crypto Trader Turns $800 Into $657,000 In 5 Hours With Mother Iggy

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With the continuous growth and evolution of the cryptocurrency industry, it has proven to be a profitable environment to be a part of, as one crypto trader recently witnessed, turning a mere $800 investment into a mind-blowing $657,000 in just a few hours with Mother Iggy.

Specifically, this particular investor sold 5.14 Solana (SOL) tokens worth $861, with which they purchased 86.55 million of Mother Iggy (MOTHER) or 8.66% of its total supply, then sold 80.41 million MOTHER for 3,035.5 SOL ($509,000), according to the observations by Lookonchain in an X post on May 29.

Furthermore, the blockchain analyst pointed out that the said crypto trader now had 6.14 million MOTHER left, worth $148,000, and that they “had traded nearly 700 coins before buying MOTHER and was losing, with a win rate of less than 25%,” adding that they “should not be an insider.” 

MOTHER Price Analysis

Meanwhile, the meme coin Mother Iggy, a less-known and very recent addition to the crypto industry on the Solana chain, was at press time changing hands at the price of $0.01959, recording accumulating a 0.20% gain since its launch, as per the latest chart data retrieved by Finbold from CoinMarketCap on May 29.

MOTHER Price Chart | Source: Coinstats

 

Notably, the token’s website listed on CoinMarketCap leads to an X profile IGGY AZALEA, which has existed since June 2010, has around 7.6 million followers, and alludes to the popular Australian rapper and model, as the said X profile contains a number of memes referring to her.

All things considered, careful and planned timing of investments, in addition to carrying out detailed research and keeping up with any relevant developments related to the assets in question, can bring significant profit in the crypto sector, as the above crypto trader proved.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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