South Africa declares crypto to be a financial product subject to financial services law
Cointelegraph
Published Oct 19, 2022 04:30PM ET
Updated Oct 19, 2022 06:00PM ET
The Financial Sector Conduct Authority (FSCA), South Africa’s financial regulator, published a notice Oct. 19 indicating that the country’s 2002 Financial Advisory and Financial Intermediary Services Act (FAIS) has been updated to include a definition of crypto assets. A decision of this type has been expected for several months. It brings crypto assets under regulation in South Africa for the first time.
The FSCA notice, which went into force on publication in the state Green Gazette, states that a crypto assets is “a digital representation of value” that can be electronically traded, transferred and stored but is not issued by a central bank. Additionally, it “applies cryptographic techniques” and uses distributed ledger technology. The notice goes on to state that crypto assets are declared financial products.
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Written By: Cointelegraph
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