South Africa FSP Crypto License | Discover How To Obtain A South Africa Cryptocurrency License
The ability to outsource local staff, low capital requirements as well as maintenance costs make South Africa an attractive jurisdiction for cryptocurrency exchange licensing.
How to Apply for a Crypto License in South Africa?
- We begin the process by having an initial discussion with your exchange about the license requirements, timelines and costs
- Once your exchange is familiar with the overall licensing process, the next step is to discuss your brokerage’s business plan and goals in order to ensure approval by the South Africa FSCA.
- Our team will send over a formal agreement and proceed to gather the KYC documents required by the South Africa FSCA
- All documentation will be compiled and reviewed by our team, upon which we’ll apply submit to the FSCA for approval.
- During the application process we’ll keep your team updated each and every step of the way.
- Once the license has been approved, we’ll proceed with the bank account opening process
Key Facts Pertaining to a South Africa Cryptocurrency FSP License
- South Africa classifies cryptocurrency exchanges as Crypto Asset Service Providers (CASPs)
- Local banking is relatively easy to obtain
- All licensed cryptocurrency exchanges in South Africa must employ a Key Individual (KI)
- It is possible to operate an FSP under foreign ownership, however, a local director is strongly recommended
- In South Africa, capital requirements are not set at a fixed level
- Accounting, compliance reporting, and other duties can be fully outsourced in South Africa
Atomiq Consulting – Your Partner for Cryptocurrency / Virtual Currency Licensing & Consultation
Obtaining a virtual currency license in South Africa has never been easier with Atomiq Consulting at your side. Our team of experienced consultants will gladly assist your cryptocurrency exchange with navigating the ins and outs of South Africa regulation.
In addition to license consultation services, we also have a several, fully active South Africa FSPs for sale. Whether you are looking to buy an existing South Africa FSP or apply from scratch, Atomiq Consulting is the best choice for consultation related to all aspects of cryptocurrency regulation in South Africa.
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Interested in Obtaining a Cryptocurrency License in South Africa? Contact us Today!
Our team of seasoned consultants remain at your disposal to discuss the licensing process in South Africa in more detail. To discuss, fees, regulatory requirements and address any other questions, don’t hesitate to contact our team of license specialists today!
South Africa Virtual Currency / Cryptocurrency FAQ
Are there any cryptocurrency licenses currently for sale in South Africa?
In addition to virtual currency license consultation, we can also assist your business with the acquisition of a licensed cryptocurrency exchange in South Africa. Because our offers vary based on availability in the market, it is best to contact us directly to discuss the licenses we currently have available for sale.
Is Atomiq Consulting able to assist in selecting a KI? Does Atomiq Consulting offer local compliance services in South Africa?
Yes. Our team can help your licensed broker find a qualified KI to oversee the business. Additionally, we offer local accounting, compliance, and legal services in South Africa.
Is it possible for a licensed cryptocurrency exchange in South Africa to obtain a bank account?
Yes. In addition to assisting your exchange with an application, we can also help open a local bank account upon license approval.
Under what legal authority are virtual currencies / cryptocurrency regulated in South Africa?
The South Africa Financial Sector Conduct Authority Board of South Africa (FSCA) is responsible for the regulation of cryptocurrency in South Africa. The Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002 provides the regulatory framework for cryptocurrency / virtual assets.
Is Atomiq Consulting able to assist with ODP licensing in South Africa?
Yes, our team has the necessary knowledge and experience to guide forex brokers through the process of receiving ODP license classification in South Africa.
What other countries in Africa regulate cryptocurrencies?
Cryptocurrency regulation is an ever-changing landscape. Currently, the only recognized jurisdiction for cryptocurrency our team would consider valid would be Mauritius. Note, however, that the regulatory framework is still being worked out.
What type of virtual currency license is issued by the South Africa FSCA?
Licensed CASPs obtain a Financial Service Provider license. The specific permissions for cryptocurrency / virtual currency are classified in South Africa as Crypto Assets.
Are licensed exchanges in South Africa able to offer staking?
Yes, existing permissions allow for the staking of cryptocurrency.
How many directors are required to obtain a forex broker license in South Africa?
At a minimum, at least 1 director is required by the FSCA. Furthermore, in order to receive license approval, a minimum of 1 director must be a physical resident of South Africa.
What is a South African FSP?
An FSP, or Financial Services Provider, is a business entity formed in South Africa and regulated by the South African FSCA. Only businesses that specialize in the financial services sector receive FSP status. It’s important to note that all licensed forex brokers in South Africa are FSPs.
How can one locate a licensed cryptocurrency exchange in South Africa?
The South Africa FSCA maintains an active directory of licensed FSPs. One must simply enter the name of the entity or license number to confirm that the exchange is indeed regulated in South Africa.
What type of taxes are regulated forex brokers subject to in South Africa?
Licensed forex brokers in South Africa must pay 28% taxes on net profits.
Can a licensed crypto exchange in South Africa offer futures trading?
Yes, this is possible.
What capital is required to apply for a forex broker license in South Africa?
In South Africa the capital required by the FSB is not set at a specific level. Instead, capital is based on financial liquidity within the brokerage itself along with roughly 6 months of expense projections. If your brokerage would like to discuss the potential ranges of paid up capital in South Africa, it is best to contact our team in order to explore this question in more detail.
Can Atomiq Consulting assist with a forex / CFD broker license?
Yes. This would fall under derivatives permissions. It is possible to operate solely as a derivates broker or to acquire an FSP where the permissions can then be amended.
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