Local crypto exchanges must be licensed by year-end
said in an interview. The regulator plans to take “enforcement action” that could see the firms being closed down or fined, if they continue to operate without a licence past the deadline, Kamlana said.
“There is potentially serious harm to financial customers when using crypto products, and therefore it makes sense for us to introduce the regulatory framework,” Kamlana said. “Time will tell the effectiveness of our measures, and we will continue to work together with the industry to refine and make changes where and if necessary.”The country is the first on the continent to require that digital asset exchanges secure licences.
Regulators and policymakers across the world have been tightening rules governing the cryptocurrency sector following a string of company collapses which culminated in the bankruptcy of Bahamas-based exchange FTX. In April, European lawmakers gave their final blessing to the EU’s Markets in Cryptoassets, or MiCA, a law that will give the bloc its first rules for the crypto industry, while last month Hong Kong implemented new regulations to licence exchanges.
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