The National Treasury has tightened rules governing cryptocurrency licences, requiring operators to run their businesses for at least three years before they can transfer or sell their licences.
The rules aim to curb speculative licence trading, where individuals or firms acquire regulatory licences not to operate cryptocurrency businesses but to later sell or transfer the permits for a profit once they become scarce or more valuable.
Upon grant of a licence under these Regulations, a licensee shall commence its virtual asset business within twelve months of the date of grant of the licence, the regulations say.
