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

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.