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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Africa»Luno receives license to operate as a financial services provider in South Africa

    Luno receives license to operate as a financial services provider in South Africa

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    By Tapiwa Matthew Mutisi on April 11, 2024 Africa, Business, Cryptocurrency, Financial Services, News, Report

    Luno, a firm specializing in cryptocurrency, has been granted a license by the South African Financial Services Conduct Authority (FSCA) to function as a financial services provider. This makes Luno the first specialized cryptocurrency asset service provider in South Africa to be licensed following the FSCA’s decision to classify cryptocurrencies as a financial product under the Financial Advisory and Intermediary Services Act of 2002.

    The country manager for Luno in South Africa, Christo de Wit, expressed the company’s elation at this development. Being a front runner with over a decade of experience in the cryptocurrency sector, they see this as a positive stride for both the company and the industry.

    De Wit stated: “This is a positive step for both the crypto-currency industry and South Africans. Customer compliance, safety, and security have always been at the forefront of our growth strategy, and will remain as top priorities as we broaden our scope to introduce more features and products for financial institutions.”

    This license symbolizes progress for the firm and for the industry in the region.

    Luno to issue monthly proof-of-reserves reports to enhance customer confidence in the safety of their funds

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    Business Christo de Wit cryptocurrency financial services FSCA Investments Licence licence by the South African Financial Services Conduct Authority Luno South Africa Technology
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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