Don’t get scammed: FSCA confirmed its list of crypo asset service providers

Chancers and scammers are always lurking around, waiting to get their hands on your hard earned cash – even in the virtual space.

The Financial Sector Conduct Authority (FSCA) confirmed its list of approved crypto asset service providers (CASPs) on Monday.

The regulator said its move was a response to various statements by certain companies claiming to be the “first” or “only” institutions licensed as CASPs under the FSCA.

“For completeness, the FSCA wishes to clarify and confirm that it has, to date, approved a total of 75 institutions to be licensed as CASPs,” the regulator said in a statement.

READ MORE: FSCA advances crypto regulation with 74 licence applications under review

Relatively new

Cryptocurrency is still a relatively new industry, hence the FSCA’s move to mitigate current regulatory gaps last year.

The regulator called for institutions who render financial services relating to crypto assets to submit applications for licensing, from 1 June to 30 November 2023.

Thus far, the FSCA has received 374 licence applications.

“The FSCA will continue to provide regular updates as these applications are processed and approved.”

The regulator defines crypto assets as a digital representation of value that:

• is not issued by a central bank but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility;
• applies cryptographic techniques; and
• uses distributed ledger technology.

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“The public is reminded that the FSCA’s licensing powers are limited to the authorisation and supervision of CASPs only insofar as they render financial services related to crypto assets as defined under the FAIS Act, i.e., advice, intermediary and investment management services,” the statement read.

“This authorisation does not include the recognition of crypto assets as legal tender or “cryptocurrency.”

FSCA’s list of currently licensed CASPs can be found on the regulator’s website.

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