South Africa – Luno, South Africa’s longest-standing crypto asset service provider, has achieved a significant milestone by obtaining a license from the Financial Services Conduct Authority (FSCA) to function as a financial services provider. This accolade positions Luno as the inaugural dedicated crypto asset service provider in South Africa to receive such recognition, following the FSCA’s formal classification of crypto assets as financial products under the Financial Advisory and Intermediary Services Act of 2002 (FAIS).
Expressing his enthusiasm, Christo de Wit, Luno’s South Africa Country Manager, remarked, “As a homegrown pioneer with over a decade of experience in the crypto market, Luno takes pride in leading the way as the nation’s first licensed crypto asset service provider.”
De Wit emphasized the importance of this achievement, underscoring its positive implications for both the cryptocurrency industry and the South African populace. He reiterated Luno’s steadfast commitment to compliance, safety, and security, affirming that these values have been integral to the company’s growth and will remain central as they expand their offerings to introduce innovative features and products tailored to the requirements of financial institutions.
Luno’s acquisition of this license marks a significant milestone in South Africa’s cryptocurrency landscape, ushering in an era of legitimacy and regulatory adherence. With Luno’s dedication to fostering trust and innovation, alongside regulatory endorsement, the future holds promise for crypto enthusiasts and investors nationwide.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
16th April, 2024
