Unathi Kamlana, commissioner of South Africa’s Financial Sector Conduct Authority, talks to The Banker about the country’s virtual assets service provider licensing programme, the impact of the Financial Action Task Force’s grey listing on South African banks, and working with the National Treasury on managing financial institutions’ foreign exposure.
Ahead of the application deadline at the end of November, we received around 340 applications in total — from both greenfield players and financial institutions that are already licensed — for a variety of activities including virtual asset exchanges, digital custodial services, and payment and remittance providers. The FSCA has now approved licence applications for around 60 firms, and we will be sharing details shortly.
