ChainCatcher news, according to Finance Feeds, Yellow Card has obtained a Crypto Asset Service Provider (CASP) license issued by the Financial Sector Conduct Authority (FSCA) of South Africa.It is reported that Yellow Card Financial South Africa was established in 2020 and has facilitated over $3 billion in transactions to date. The company plans to leverage its recently completed $33 million Series C funding to enhance its stablecoin channels, infrastructure, as well as B2B APIs and widgets. Yellow Card has also partnered with Fireblocks to improve cross-border transaction capabilities, providing secure and efficient on-chain solutions for the African market.

ChainCatcher news, Yellow Card has obtained a Crypto Asset Service Provider (CASP) license from the South African Financial Sector Conduct Authority (FSCA). This license allows Yellow Card (also licensed in Botswana) to expand its operations and meet the growing demand for stablecoin services.Previous news, the African crypto trading platform Yellow Card announced the completion of a $33 million Series C funding round, led by Blockchain Capital.

ChainCatcher news, Schindlers Digital Assets has partnered with Schindlers Attorneys and Broll Auctions and Sales to develop the first legally compliant process that enables cryptocurrency holders in South Africa to purchase real estate using Bitcoin or Ethereum.As a financial service provider, Schindlers Digital Assets offers cryptocurrency conversion services that comply with financial regulations, specifically catering to cryptocurrency holders in South Africa. This partnership allows Schindlers to expand its range of cryptocurrency products by assisting buyers in investing in real estate using digital assets.The legal property transfer process will be handled by Schindlers Attorneys, while Broll Auctions will be responsible for the real estate auctions.

ChainCatcher news, according to Bitcoin.com, the South African Financial Intelligence Centre has issued Directive No. 9, requiring digital asset platforms to collect and store identity information for cryptocurrency transactions.This directive will take effect on April 30, 2025, and aims to help South Africa be removed from the Financial Action Task Force (FATF) grey list. The grey list affects the country's reputation, increases the cost of financial transactions, and raises borrowing costs.According to the directive, the full names and wallet addresses of both parties in a transaction must be recorded, with stricter requirements when the transaction amount exceeds $277 (5,000 rand). Sean Sanders, CEO of Altify, expressed support for regulatory developments but questioned the $277 threshold, calling it the lowest globally.

ChainCatcher news, the South African Financial Sector Conduct Authority (FSCA) announced that although the Western Cape High Court has lifted the asset preservation order against the South African exchange Banxso (Pty) Ltd, Banxso's Financial Services Provider (FSP) license remains revoked.In addition, the company is prohibited from conducting financial services business, and its funds can only be used to migrate clients to other FSCA-authorized financial service providers. The related case of Banxso is scheduled for a retrial on December 4, 2024, and the FSCA is investigating the activities of Banxso and its management.

ChainCatcher news, recently, South Africa's largest cryptocurrency exchange VALR announced the launch of its Chinese version application "威乐", and will continue to iterate to cover more communities.According to data from the RootData platform, VALR was established in 2018 and has completed approximately $55 million in funding to date, with investors including Pantera Capital, 100x Venture, Bittrex, Coinbase Venture, GSR, and others.

ChainCatcher news, the South African Financial Sector Conduct Authority (FSCA) temporarily suspended the financial services provider license of the cryptocurrency trading platform Banxso on Wednesday, citing concerns that its marketing practices promised clients unrealistic returns.There were previous allegations that Banxso used deepfake techniques in its advertising and employed aggressive sales tactics to pressure clients into investing without proper risk assessment.

ChainCatcher news, according to Bitcoin.com, the South African Revenue Service (SARS) has announced the inclusion of crypto assets in its compliance program. The revenue service is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.SARS recently stated that it felt it necessary to take this step after noticing that taxpayers were not declaring crypto assets and transactions on their tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies.In its latest comments on the issue, SARS stated that it is working to simplify compliance for taxpayers and traders. Meanwhile, tax officials emphasized the consequences of intentional tax evasion. To achieve this goal, SARS stated that it has strengthened its audit team and adopted the latest technology.

ChainCatcher news, according to Cointelegraph, South Africa is rapidly becoming the digital asset hub of Africa. Ben Caselin, Chief Marketing Officer of the Johannesburg-based cryptocurrency exchange VALR, stated that South Africa is becoming the gateway to the African market due to its strong rule of law and independent judicial system.In April of this year, the South African Financial Sector Conduct Authority (FSCA) granted VALR a license as a Crypto Asset Service Provider (CASP). According to Statista, the revenue of South Africa's cryptocurrency market is expected to reach $332.9 million by 2028, with a compound annual growth rate of 7.86%. Caselin believes that South Africa's regulatory framework is one of the best in the world, even better than those of Hong Kong, Singapore, and the United States.

ChainCatcher news, according to Bitcoin.com, the South African government is tightening regulations on cryptocurrency trading. The tax authority (SARS) is issuing tax notices and clarifying relevant regulations, potentially using artificial intelligence (AI) to identify non-compliant traders.The South African Reserve Bank (SARB) has clarified its position on the purchase of crypto assets. According to SARB regulations, individuals can purchase crypto assets using a single discretionary allowance or foreign exchange capital allowance, but companies cannot invest in crypto assets through the foreign direct investment incentive program. SARB also stated that cross-border or foreign exchange transfers solely for the purpose of purchasing crypto assets are not permitted.

ChainCatcher news, according to Bitcoin.com, the South African mixed trading platform Neonomad will launch Zarcoin (ZARC), a stablecoin pegged to the South African Rand. The goal of Zarcoin is to bridge the gap between traditional finance and crypto finance while enabling seamless local and cross-border transactions.

ChainCatcher news, the Financial Sector Conduct Authority (FSCA) of South Africa has issued 63 licenses to Crypto Asset Service Providers (CASP). These approved licenses bring the total number of CASPs authorized to operate in South Africa to 138.According to the FSCA report, 383 applications have been received from entities seeking to provide crypto-related services. Of these, 5 applications were rejected for not meeting the applicable "fit and proper" requirements as stipulated by local financial services law. Additionally, 80 applications were voluntarily withdrawn by the applicants after engaging with the financial services regulator.

ChainCatcher news, the enforcement division of the Financial Sector Conduct Authority (FSCA) of South Africa has established a task force to investigate individuals or entities operating cryptocurrency financial services without the appropriate licenses. Currently, there are 30 cases under review.The FSCA aims to protect the public and maintain fairness in the industry by taking decisive action against illegal cryptocurrency operations. The regulator will also publish the results of its investigations and issue warnings if unregistered cryptocurrency businesses are found. Before classifying crypto assets as financial products on October 19, 2022, the FSCA provided a grace period until November 30, 2023, for license applications to be submitted.

ChainCatcher news, according to News.bitcoin, South African cryptocurrency traders have begun receiving notifications from the South African Revenue Service (SARS) indicating that their tax affairs are under review.The tax authority is collecting information from various cryptocurrency exchanges to assess compliance. Traders who fail to provide the requested information may face criminal charges under the Tax Administration Act. The South African Revenue Service may also investigate cases of unreported cryptocurrency ownership in the past.The South African Revenue Service has not yet provided clear guidance on whether cryptocurrency trading is considered capital gains or income. Therefore, accurately recording gains and losses from local and foreign cryptocurrency exchanges remains challenging.

ChainCatcher news, South African retail giant Pick n Pay reports a significant increase in the amount paid with cryptocurrency each month, rising from approximately $1,350 to $54,000. The Gauteng, KwaZulu-Natal, and Western Cape provinces of South Africa account for the largest share of Pick n Pay's crypto transactions.It is reported that Pick n Pay began accepting BTC as a payment method in all its stores at the beginning of 2023. The decision to accept BTC payments was made after the Financial Sector Conduct Authority (FSCA) announced that crypto assets are considered financial products.

ChainCatcher news, according to Jinshi News, South Africa has authorized 75 companies as cryptocurrency service providers.It is understood that the South African Financial Sector Conduct Authority (FSCA) has confirmed that it has granted cryptocurrency licenses to 75 institutions so far. The FSCA reminds the public that its licensing authority is limited to the authorization and supervision of Crypto Asset Service Providers (CASP), which are restricted to providing financial services related to crypto assets as defined by the Financial Advisory and Intermediary Services (FAIS) Act.

ChainCatcher news, according to CoinDesk, South African cryptocurrency exchange VALR has received regulatory approval from the country's financial regulatory authority.According to crypto data platform RootData, in March 2022, VALR secured $50 million in Series B funding, led by Pantera Capital, with participation from Alameda Research, Coinbase Ventures, and Avon Ventures. It is reported that this round of financing is the largest in the African crypto sector to date, and following the funding, VALR's valuation will reach $240 million.

ChainCatcher news, according to CoinDesk, South Africa has begun issuing licenses to cryptocurrency companies, with trading platform Luno and decentralized social investment market Zignaly being among the first approved companies.The country's regulators stated that approximately 60 companies will be approved in April.

ChainCatcher news, according to CoinDesk, the cryptocurrency exchange platform Luno has announced that it has obtained permission from South African financial regulators to become one of the first regulated crypto entities in the country.After South African regulators passed legislation in June 2023 to include cryptocurrencies within the scope of regulated financial activities, they began accepting license applications from crypto companies.

ChainCatcher news, according to Finance Feeds, alternative investment fund management company Jaltech has received a Crypto Asset Service Provider (CASP) license from the South African Financial Sector Conduct Authority (FSCA). This license will allow Jaltech to provide cryptocurrency investment services to financial advisors as well as institutional and retail investors.ChainCatcher previously reported, according to Bloomberg, that South Africa will issue licenses to about 60 cryptocurrency platforms by the end of March, making it one of the first countries on the African continent to require digital asset trading platforms to obtain operating licenses.