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South Africa Starts Issuing Crypto Licenses With Luno, Zignaly Among First Recipients

South Africa’s financial regulator has started issuing crypto licenses, with exchange platform Luno and decentralized social investing marketplace Zignaly among the first batch of companies to receive approvals. Luno shared that it had received approval as a financial service provider under the country's Financial Advisory and Intermediary Services Act, 2002 (FAIS). Luno PTY LTD now appears on FSCA's registry of authorized entities. Zignaly told CoinDesk that it had received a Category 2 - Discretionary Financial Service Provider (FSP) license and appears in the FSCA registry as Merritt Administrators PTY LTD. The FSCA has promised hefty fines for companies that try to operate without obtaining the right approvals.

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