South African crypto landscape primed for TradFi growth after FSCA ruling
Industry insiders believe South Africa's move to classify cryptocurrencies as financial products could drive the adoption and legitimacy of the sector. South African financial service providers have been primed to offer cryptocurrency products and services to customers after regulatory amendments in the country.This comes after South Africa’s Financial Sector Conduct Authority amended its financial advisory act from 2002 on Oct. 19, defining crypto assets in the country as financial products. Most importantly, the definition means that cryptocurrencies can now be offered by financial....
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The company said it will allow customers to pay with any bitcoin lightning-enabled app and QR codes for speedy payments. Pick n Pay, one of South Africa’s largest supermarket chains, is set to allow its customers to pay for items in all its stores using Bitcoin.According to South African-based tech news outlet Tech Central, Pick N Pay is planning to roll out its cryptocurrency payments service to its stores nationwide in the coming months, after years of experimentation in select stores. The supermarket chain allegedly started experimenting with Bitcoin payments five years ago in Cape....
The Financial Sector Conduct Authority (FSCA) has issued what it terms crypto health warning after receiving many complaints from South African victims of crypto scams. In the warning, the FSCA reminds prospective investors that crypto-related investments are currently not regulated. Therefore, investors have no recourse against anyone should they get duped. Cryptocurrencies Are High-Risk Assets The FSCA’s warning comes a few weeks after an executive with the regulatory body bemoaned the challenges of regulating cryptocurrencies and how scammers are taking advantage of this. The....
A South African regulator, the Financial Sector Conduct Authority (FSCA), says it welcomes Binance’s decision to stop offering some of its services to South Africans.
Productive Consultations
In a statement, the FSCA suggested that the move by the cryptocurrency exchange came after it held “productive consultations” with the regulator. As previously reported by Bitcoin.com News, Binance announced it was terminating some of its services in South Africa in order to comply with regulations.
In its initial warning that prompted Binance to act, the....
South Africa’s Financial Sector Conduct Authority (FSCA) has apologized to a Cape Town-based crypto start, Ovex, less than 24 hours after warning that the firm was operating outside the law. Ovex Does Not Require Licence From FSCA In its May 7 retraction, the financial watchdog said the findings of an investigation into Ovex, which specializes in crypto arbitrage services, suggest that the firm is operating outside the FSCA’s purview. The statement says: Based on the information provided by Ovex we are satisfied that Ovex does not currently require a licence from the FSCA, as....
Authorities in South Africa are warning investors to be wary of scams amid the current crypto bull market. South Africa’s Financial Sector Conduct Authority is sounding the cryptocurrency scam alarm once again.In a press release issued on Thursday, the FSCA enjoined the public to do their own due diligence before investing in any crypto-related project.According to the FSCA the high-risk nature of the crypto investment space is being further exacerbated by the multitude of elaborate cryptocurrency scams in the country.Indeed, as previously reported by Cointelegraph, the spate of crypto....