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South Africa’s financial regulators want crypto startups operating in the country with foreign head offices to set up local offices to ensure “appropriate oversight and ensure accountability.” Per a recent study from the Financial Sector Conduct Authority (FSCA), approximately 10% of virtual currency service providers in South Africa have their centers of operation abroad. The FSCA argues that oversight in South Africa became “insufficient” after crypto currencies were declared financial products last year. To offset the issues, the agency wants companies to set up shop. REGULATION | South African Regulator to Require Local Presence for International Crypto Companies According to FCSA, about 10% of Crypto Assets Financial Service Providers operating in South Africa have their head offices in foreign countries. FCSA says a physical presence… pic.twitter.com/CgFrYrEjGD — BitKE (@BitcoinKE) December 9, 2023 The South African financial regulatory body describes crypto assets...

Electric Capital Co-Founder Avichal Garg warned the crypto community about a new method fraudsters are using to steal money from investors. Scammers have started pretending to be venture capital firms in a bid to lure crypto startups to believe they’re talking to legit investors. Unfortunately, scammers are pretending to be @ElectricCapital, setting up meetings, and asking people to send them money before investing . Electric Capital will *never* ask you to send money before receiving an investment. We will never reach out cold via Telegram. We almost… — Avichal – Electric ϟ Capital (@avichal) November 27, 2023 In an X post on Nov. 28, 2023 Electric Capital Co-Founder Avichal Garg said fraudsters are now setting up meetings, and “asking people to send them money before investing .” The Electric Capital head emphasized that the Palo Alto-headquartered firm “will never ask you to send money before receiving an investment.” “We w...