Luno, a crypto-currency firm, has obtained a licence from the South African Financial Services Conduct Authority (FSCA) to operate as a financial services provider.

Luno is the first specialised crypto asset service provider in South Africa to receive the licence following the FSCA's declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act of 2002.

Luno's country manager for South Africa, Christo de Wit, commented on the licence, saying that as a home-grown forerunner with over 10 years of experience in the crypto sector, the company is pleased with the development.

He commented: “This is a positive step for both the crypto-currency industry and South Africans. Compliance, safety and security for our customers have driven our growth since the beginning and will continue to be priorities as we expand our offering to introduce more features and products for financial institutions.”