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Cryptocurrency News Articles
EA Capital Obtains Category I Crypto Asset Service Provider License in South Africa
Oct 01, 2024 at 11:00 am
EA Capital has become the latest digital asset firm to obtain a license in South Africa as the continent’s second-largest economy ramps up digital currency regulations.
Digital asset firm EA Capital has obtained a Category I license as a Crypto Asset Service Provider (CASP) from South Africa’s Financial Sector Conduct Authority (FSCA). The company joins other major players, including Luno and VALR, which acquired the license this year under the FSCA’s new digital asset regulatory framework.
Announcing the development in a statement on Monday, EA Capital said it offers diverse digital asset services, ranging from financial services such as prime brokerage, liquidity provision and an over-the-counter (OTC) desk to derivatives, foreign exchange and international payments.
The Cape Town-based company noted that it has operated as a regulated financial services provider and an accountable institution since late 2021, adding that it is “proud to have been granted this license by the FSCA.”
“EA Capital provides a unique blend of an established traditional international banking team with a long-term market-leading track record + experienced & expert crypto/digital asset & blockchain technology team with complementary skills and experience,” said Ryan Aufrichtig, CEO and founder of EA Capital.
“This license underscores our team’s culture, experience, expertise and understanding in the governance and management of the full front-to-back business within a highly regulated environment. We look forward to continuing to service our clients and technology partners in the digital asset space,” he added.
Aufrichtig further praised South Africa’s continued shift from isolating the sector towards regulating it, which he believes is the best approach to promote trust, protect investors and consumers and foster sustainable long-term growth for a country whose economy has slowed down over the past four years and is losing out to peers like Egypt.
“We believe that South Africa has made the right choice in continuing to shift from an approach of isolating the digital asset sector to one of regulating it. This approach promotes trust, protects investors and consumers and fosters sustainable long-term growth for an economy that has slowed over the past four years and is losing out to peers,” he said.
“This approach is in stark contrast to that of most African nations, which have kept digital assets on the fringes. Nigeria, Africa’s biggest economy, has cracked down on the sector this year, blaming it for the naira’s woes.”
Aufrichtig went on to highlight Nigeria’s treatment of the digital asset sector this year, which included shutting down offshore exchanges and detaining Tigran Gambaryan, a Binance executive, over the global exchange's activities in the country, despite Africa’s largest economy ranking second for adoption globally this year, ahead of the United States, Indonesia, the Philippines and other titans.
“However, a month ago, Nigeria’s Securities and Exchange Commission (SEC) issued its first licenses to two local exchanges: Quidax and Busha Digital. SEC chair Agama Emomotimi has promised to support the sector as one of the government’s pledges to help the youth explore opportunities in the digital economy,” he added.
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