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The U.S. Department of Commerce's Bureau of Industry and Security (BIS) this week issued a notice of proposed rulemaking soliciting comments on proposed...
RBI's regulatory intervention on customer identification by payments banks is seen as harsh for startups. Digital wallet providers argue that their business model does not support enhanced KYC compliance due to high costs and infrastructure challenges. Regulatory sympathy and roadmaps have been released to improve compliance.
Licensing is about to commence, and this will help get SA off the Financial Action Task Force grey list.
Keith Sabilika, a fintech specialist at the FSCA, gave some insights into the business models of crypto companies applying for licences.