South Africa’s Financial Sector Conduct Authority (FCSA) may soon require cryptocurrency companies headquartered abroad to set up local offices, according to news on December 9.
The FCSA said a small number of crypto-asset financial services providers (FSPs) operating in South Africa are headquartered abroad. “For the 10% of entities with an offshore head office, consideration needs to be given to the requirements associated with establishing a local branch. This is important because, among other things, it creates a physical presence that enables the FSCA to exercise appropriate supervision and ensure accountability of institutions carrying out activities in South Africa,” the FCSA said in a recent market study.
