In a wide-ranging interview, Hannes Wessels, General Manager for Southern and Francophone Africa at Binance, the world’s largest crypto exchange by trading volume, said while South Africa's conduct regulator, the Financial Sector Conduct Authority (FSCA), has made strides by extending existing financial advisory frameworks to crypto firms, the process remains under-resourced and delayed."
"I do believe, though, that a lot more work needs to happen to tailor regulation specifically for crypto asset service providers because our business is very different from, say, insurance brokers," he said.
“We’re in the last batch of firms still waiting for our crypto license approval,” Wessels said. “The FSCA has good people who know what they’re doing, but they’re simply under-resourced. You can only do so much with the bandwidth you have.”
Wessels touched on…