Coin

<ul class="news-points"> 
 <li>Crypto companies in South Africa with overseas headquarters may be mandated to maintain a local office.&nbsp;</li> 
 <li>The country’s financial sector regulator, FCSA, claims over 10% of crypto firms in the country have their headquarters abroad.&nbsp;</li> 
 <li>According to the regulator, the physical presence will help ensure appropriate oversight and accountability.</li> 
</ul> 
The Financial Sector Conduct Authority (FCSA) of South Africa may soon <a href="https://bitcoinke.io/2023/12/south-african-regulator-to-require-local-presence-for-crypto-companies/" target="_blank" rel="nofollow">reportedly</a> mandate that cryptocurrency firms with overseas headquarters maintain a local office in the country.&nbsp; 
This move by the regulator follows a <a href="https://bitcoinke.io/wp-content/uploads/2023/12/South-Africas-Crypto-Assets-Market-Study-FSCA.pdf" target="_blank" rel="nofollow">Crypto Asset Market Study</a>, which showed that a sizable number of Crypto firms operating in the country have their headquarters in foreign countries. Indeed, the FCSA placed this number at 10%, saying a physical presence will appropriate oversight and accountability.&nbsp; 
“For the 10% of entities that have an off-shore head office, consideration will need to be given to the requirements relating to having a local branch. This is important because it, amongst other things, creates a physical presence that would allow the FSCA to have appropriate oversight over and ensure accountability of the institution c…
The post <a href="https://coinedition.com/south-african-regulator-may-require-crypto-firms-to-have-a-local-office/">South African Regulator May Require Crypto Firms to have a Local Office</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

South African Regulator May Require Crypto Firms to have a Local Office

Coin Edition

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