Crypto Assets Providers (CASPs) in South Africa must obtain a Financial Services Provider (FSP) license from the Financial Sector Conduct Authority (FSCA) under the FAIS Act and register as an accountable institution with the Financial Intelligence Centre (FIC) under FICA.
Regulations and Governance
- Classification: Crypto assets are legally recognized as “financial products” under the Financial Advisory and Intermediary Services (FAIS) Act.
- AML/CFT Compliance: CASPs are designed as accountable institutions under the Financial Intelligence Centre Act (FICA), requiring strict Know Your Customer (KYC) framework and transaction monitoring.
- Tax Transparency: Subject to the international Crypto – Assets Reporting Framework (CARF) entered into by the South Africa Revenue Service (SARS.
Registration and Licensing Process
- Company Registration: Company must be registered under the Companies Act.
- FSP Application: Gather and submit all supporting documents, draft all required documents such as business plans, operational models, risk management framework, and demonstrate financial soundness in financial projections. The entity must be registered under the relevant FSP Category license.
- Fit and Proper Requirements: Key Individuals, directors, and significant owners must pass personal character, competencies, and experience assessments.
- FIC Enrolment: Register independently via the FIC’s compliance system as an accountable institution to implement anti-money laundering controls.
We prepare all supporting documents, including business registration application and all application forms and submit them on your behalf.
For more information, contact us: info@mctg-consulting.co.za
