FSCA awards licence to Luno, SA’s largest crypto asset service provider

Luno, South Africa’s largest and most established crypto asset service provider, has obtained a license from the Financial Services Conduct Authority (FSCA) to operate as a financial services provider. This milestone makes Luno the inaugural dedicated crypto asset service provider in South Africa to receive such accreditation, following the FSCA’s classification of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act of 2002 (FAIS).

Christo de Wit, Luno’s country manager for South Africa, expresses enthusiasm about this achievement, stating, “As a pioneer in the local market with over a decade of experience in the crypto space, Luno is proud to be the first licensed crypto asset service provider in the nation. This development marks a positive progression for both the cryptocurrency sector and the people of South Africa. Our commitment to compliance, safety, and customer security has been integral to our growth from the outset and will remain paramount as we expand our range of offerings, introducing more features and products tailored to financial institutions.”