Kotani Pay has become what it believes to be the first on-ramp and off-ramp blockchain fintech to receive a Crypto Asset Service Provider (CASP) license from South Africa’s Financial Sector Conduct Authority (FSCA).
“This is an exciting time for the Kotani Pay team. Receiving the CASP license is a pivotal milestone for us, underscoring our commitment to compliance, transparency, and innovation in the crypto industry. We believe that regulation is essential in building trust and confidence in digital finance, and we are proud to lead the way by setting a high standard for our clients,” says Felix Macharia, CEO of Kotani Pay.
The African continent has witnessed a surge in crypto adoption in recent years, due to factors like limited access to financial services, a growing tech-savvy population, and the potential of crypto to revolutionize cross-border payments. However, regulations surrounding crypto have remained somewhat ambiguous across the continent, leaving room for fraudulent activities and breaking trust.
The FSCA’s introduction of the CASP licensing framework marks a significant step towards establishing clear regulations and fostering a compliant crypto ecosystem in South Africa.
Kotani Pay is a seamless cash-in and cash-out platform empowering Web3 businesses and their users to convert their digital assets into local currencies. The platform offers a suite of solutions designed to cater to business and individual needs.
With a robust network of liquidity partners and a vast array of currency access within the continent, the fintech enables seamless cash-in and cash-out for clients in their preferred local currencies via mobile money, card, or bank account.
Kotani Pay offers and API for businesses, stablecoin settlement, and an SMS wallet.