Kotani Pay, a prominent fintech company specializing in blockchain-enabled financial services, proudly announces its receipt of the Crypto Asset Service Provider (CASP) license from South Africa’s Financial Sector Conduct Authority (FSCA).
This landmark achievement establishes Kotani Pay as the first CASP-licensed on-ramp and off-ramp blockchain fintech in the region, reinforcing its commitment to regulatory compliance, transparency, and innovation.
Felix Macharia, CEO of Kotani Pay, expressed enthusiasm about this milestone, stating,
“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.”
Africa has seen a notable increase in cryptocurrency adoption driven by factors such as limited access to traditional financial services and a burgeoning tech-savvy population.
However, regulatory clarity has been a critical challenge across the continent. The introduction of the CASP licensing framework by the FSCA marks a significant step towards establishing clear guidelines and fostering a compliant crypto ecosystem in South Africa.
Kotani Pay’s Services
Kotani Pay operates as a seamless cash-in and cash-out platform, empowering Web3 businesses and individuals to convert digital assets into local currencies effortlessly. The platform offers a comprehensive suite of solutions tailored to both business and individual needs, including:
API Integration: Businesses can integrate Kotani Pay’s on-ramp and off-ramp services directly into their applications and websites, facilitating local currency payments across Africa.
Stablecoin Settlement: Through an Over-the-Counter (OTC) service, Kotani Pay provides access to dollar-pegged stablecoins, enabling businesses to settle payments swiftly and mitigate foreign exchange volatility.
SMS Wallet: Users can access a fully-functional blockchain wallet via SMS without the need for internet connectivity, facilitating seamless cash-out through local mobile money accounts.
Kotani Pay’s innovative solutions address practical challenges faced by African businesses, such as simplifying cross-border payments and managing foreign exchange risks, thereby supporting Africa’s transition towards Web3.
By prioritizing compliance and offering a robust suite of services, Kotani Pay is poised to lead as Africa’s premier on-ramp and off-ramp provider. The company’s focus on security, trust, and cutting-edge technology empowers businesses and individuals to navigate the evolving landscape of cryptocurrencies.
With the CASP license, Kotani Pay not only sets a new benchmark in regulatory adherence but also reaffirms its commitment to nurturing a secure and efficient crypto ecosystem. As Africa embraces the digital finance revolution, Kotani Pay stands ready to onboard the next million users to Web3.
