Ready-Made LTD (PTY) with VASP License:  44.900 EUR   (Flexible payment schedule upon request)

• 100% ownership of the fully compliant VASP Licensed company.
• FSCA Category 1 license approved for intermediary services.
• Customized implementation plan development.
• Immediate capability to commence operations.
• Full compliance with the Financial Sector Conduct Authority (FSCA) requirements, ensuring the operational legitimacy of your crypto-assets service.
• Complete bank account setup and ownership transfer.

Local bank account is through First National Bank. Supports cryptocurrency investment through platforms regulated by the South African Reserve Bank (SARB). Crypto companies and users in South Africa also use crypto wallets to make crypto transactions.

*Time line : Transfer of shares take between 3-5 working days after all documentation and payments are received and reviewed.

We provide comprehensive support across three critical areas: Regulatory Compliance and FSCA Licensing, Operational Setup, and Ongoing Market Presence Management.

Required monthly operational support package: 6.500 EUR with a 12 month minimum contract and due at the 1st of every month.

Includes:

• A local director, to oversee company functions.
• A compliance officer, as mandated by the FSCA.
• A local key individual on the license, fulfilling FSCA requirements.
• A local accountant to ensure adherence to financial regulations.
• Facilitating the buying and selling of cryptocurrencies directly from fiat currency. *Partnership maintenance with existing exchanges to divert risk and use their technology to interact/integrate your crypto platform. (The only extra cost would be based on monthly inflow, and the percentage can be negotiated).

Not included in the Category 1 license:

Operating Cryptocurrency Exchanges: Facilitating the buying and selling of cryptocurrencies directly from fiat currency.

**View FAQs below for solutions.

*Exchange is considered almost as a bank in South Africa, and we advise against it as this is highly regulated and needs much more staff and compliance. We use one of the existing exchanges to divert risk and use their technology to interact/integrate our crypto platform, and this service is included in the monthly operational support package.

We understand the complexities of entering a new market, and our team is dedicated to providing you with:

• End-to-end project management
• Transparent communication
• Regulatory compliance assurance
• Operational excellence support
  
  

It's important to highlight that the crypto landscape in South Africa is still relatively new and attracting significant attention. The monthly operational costs may seem high first, but they reflect the extensive team we have in place to ensure compliance with regulations and to navigate this evolving market. This team is dedicated to maintaining high standards and ensuring that we meet all necessary compliance requirements in the financial market of South Africa. 

In the case another VASP/CASP causes any upset on the main license, we provide an alternative license and shift the companies over seamlessly, and this all included within the monthly fees.

FAQs

With this CAT 1 VASP we can’t use FIAT to exchange? We will need another partner who can do this?

We are able to use a partner's technology to integrate the crypto platform. This partnership maintenance is included in the monthly operational costs. The only extra cost would be based on monthly inflow, and the percentage can be negotiated.

Or

If you are registered from/on any exchange and convert fiat over to crypto, then, you can move this crypto over to the SA VASP.

You can onboard clients on your current VASP and shift crypto-assets to the SA VASP as well.

P2P is allowed with this VASP license in SA?

Yes P2P is fine for VASP in South Africa, as long as you have your own help desk and operators (This is not included in the monthly operational costs).

We use Binance p2p market And we have our own operators. Will we be able to find a bank account that will support our business?

Complete bank account setup and ownership transfer. Local bank account is through First National Bank. Supports cryptocurrency investment through platforms regulated by the South African Reserve Bank (SARB). If the payments in ZAR there is no issue or delay. 

For international payments, there is a SWIFT code for First National Bank (FNB) in South Africa. You can use this code to receive international payments to your FNB account. This will go through the South Africa Reserve Bank, which means it normally takes between 3-5 business days. If there would be a suspicious transaction the bank will query it. For p2p payments in ZAR, there is no problem nor delay.