The completion schedule of the development of Tier and en-cash systems, a key part of the AUC project, is August 2022. According to the existing AUC’s roadmap, our development schedule had to be completed by 4Q in 2021, but it was difficult to develop only online meetings due to the inability to face-to-face meetings with related organizations and changes in the working environment due to the global pandemic.
In addition, guidelines for the blockchain and digital asset sector are emerging at financial institutions in Africa, including South Africa, at a time when the utilization of blockchain and digital assets is actively being discussed in Africa, the business base of the AUC project.
According to recommendations from the South African government and South Africa Reserve Bank, the AUC project team is currently acquiring the necessary licenses for Tier and Leo exchanges to provide legally digital asset services in line with guidelines from affiliated organizations such as FSCA, IFWG, FIC, and ADLAs. Acquisition of these licenses requires a large amount of preparation of related documents and various conditions and takes time for each institution to review them. In parallel with this, we are also conducting a legal review on the virtual asset business of the AUC project through a large law firm in South Africa. Therefore, it takes some time to obtain a related license.
For these reasons, an updated whitepaper and a new roadmap for the project schedule have been announced, and financial services using virtual assets are carried out in the African continent through the issuance of official licenses.