Licensed by the FSCA.
FSP 54623.
Financial services on the SQRL Network are FSCA-authorised, Category I and II, crypto assets included.
Licence record
FSP 54623
- Regulator
- Financial Sector Conduct Authority
- Categories
- Category I and II
- Products
- Crypto assets included
- Technology
- SQRL, by Dark Fusion Holdings S.A.
How the licence works. Three parties, each with one job, so it is always clear who is accountable for what.
Licensed by the FSCA
Financial services on the SQRL Network are FSCA-authorised, Category I and II, crypto assets included. FSP 54623.
SQRL provides the technology
Dark Fusion Holdings S.A., trading as SQRL, builds and runs the software: subnets, the hub and settlement on Bitcoin. SQRL does not hold the licence or client funds.
Your bank keeps its customers
Each institution stays under its own licence, onboards its own customers and signs its own payments. Your compliance team confirms what your licence covers.
The framework we operate under. The Acts, directives and standards that govern a crypto asset services provider in South Africa.
Act 37 of 2002
FAIS Act
The licence itself. Fit and proper requirements, the General Code of Conduct, disclosures and record keeping.
FSCA
General Notice 1350 of 2022
Crypto assets as a financial product
The declaration that brought crypto asset advice and intermediary services into the FAIS licensing regime.
FSCA
Act 9 of 2017
Financial Sector Regulation Act
Twin Peaks supervision. The FSCA oversees conduct, and the Prudential Authority oversees safety and soundness.
FSCA and Prudential Authority
Act 38 of 2001, Schedule 1, item 22
FIC Act
Crypto asset providers are accountable institutions: customer due diligence, a risk management and compliance programme, and reporting.
Financial Intelligence Centre
Directive 9 of 2024, in force 30 April 2025
The travel rule
Sender and receiver information travels with every crypto asset transfer, in line with FATF Recommendation 16.
Financial Intelligence Centre
Joint Standard 2 of 2024, from 1 June 2025
Cybersecurity and cyber resilience
Cyber governance, technical controls and reporting of material incidents to the regulators.
FSCA and Prudential Authority
Act 4 of 2013
POPIA
How personal information is collected, held and shared, and the rights clients have over it.
Information Regulator
Currency and Exchanges Act 9 of 1933
Exchange control
The Exchange Control Regulations that govern money and crypto assets moving in and out of South Africa.
SARB Financial Surveillance
What the licence covers. Category I and II, with crypto assets included.
- Category I
- Advice and intermediary services on financial products, crypto assets included.
- Category II
- Discretionary management of client portfolios, crypto assets included.
- Crypto assets
- Tokenised deposits and Bitcoin moving between institutions on the network fall under this authorisation.
Check it yourself in a minute.
- 1Open the FSCA's search for authorised financial services providers.
- 2Search for FSP number 54623.
- 3Confirm the status, the categories and the key individual on record.
How each product sits under the licence. What is software, and what is a regulated service.
Software
SQRL Enterprise
Self-custody software for vaults, signing and policies. Clients hold their own keys, and SQRL holds no client funds.
Regulated service
SQRL Markets
Cross-border payments and FX between institutions, under the FSCA authorisation, FSP 54623.
Software only
SQRL Developer
The SDK in a sandbox on Bitcoin testnet. No financial service is provided and no customer money moves.
The licence on record. The details a compliance team asks for first, in one place.
- Regulator
- Financial Sector Conduct Authority, South Africa
- Licence
- Financial services provider, FSP 54623
- Categories
- Category I and II, crypto assets included
- Technology provider
- Dark Fusion Holdings S.A., trading as SQRL, Luxembourg
- Contract layer
- SQRL: the Secure Quantum-Reliable Ledger
Disclosures and complaints. What the FAIS Act asks every provider to tell its clients.
Financial services on the SQRL Network are FSCA-authorised, Category I and II, crypto assets included. FSP 54623. SQRL builds the technology.
Write to us through the contact form and choose "A complaint" as the subject. Say what happened, which service it concerns and the outcome you are asking for. Complaints about a financial service on the network are dealt with by the authorised provider, under the complaints process the FAIS General Code of Conduct requires.
The FAIS Ombud is the statutory ombud for complaints about financial services providers in South Africa. If a complaint is not resolved to your satisfaction by the provider, you can refer it to the Ombud at www.faisombud.co.za.
The FAIS General Code of Conduct requires every authorised provider to keep a conflict of interest management policy and to tell clients about any conflict that affects them. Ask the compliance team through the contact form for the policy that applies.
Authorised providers must hold the guarantees or professional indemnity and fidelity cover the FSCA prescribes for their categories. The compliance team shares the details of the cover in place on request.
Crypto asset service providers are accountable institutions under the FIC Act. That means customer due diligence, a risk management and compliance programme, and reporting to the Financial Intelligence Centre, with the travel rule applied to crypto asset transfers. Each bank on the network also checks its own customers under its own licence.
Personal information is handled under POPIA, which sets how it is collected, held and shared and gives clients rights over it. A bank's customer data stays in its own subnet, and our privacy policy sets out what this website collects.
Review the licence with our team.
Review the licence and controls with compliance before a pilot.
