Crypto Assets in South Africa Would Be Considered Financial Products Under Re...

The South African financial regulator has published a draft declaration of crypto assets as financial products. The regulator says South Africa has experienced “an exponential increase in the provision and use of crypto assets.” South Africa’s Crypto Regulation South Africa’s Financial Sector Conduct Authority (FSCA) announced Friday that it has published “a draft declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act [FAIS].” Comments on the draft declaration can be submitted until Jan. 28, 2021.....

According to a general notice published in a government gazette, crypto assets are now treated as financial products under South Africa’s Financial Advisory and Intermediary Services (FAIS) Act. Declaration of the crypto assets as financial products means crypto asset service providers (CASP), such as exchanges, must apply for a license. Declaration Applicable to Any Digital Representation of Value Not Issued by Central Bank According to a recently published South African government gazette, crypto assets have been declared as financial products under the country’s Financial....

Binance’s regulatory war continues as the crypto exchange announces it will no longer offer derivatives products in South Africa. Binance Ceases Derivatives-Related Products For Users In South Africa As per an announcement on the crypto exchange’s website, users from South Africa can no longer access derivatives offerings on the platform. These products include Futures, Options, […]

Cryptocurrency regulation in South Africa seems to have become a reality and will set a pathway to maintain compliance in crypto and Bitcoin assets. The South African Reserve Bank (SARB) is pioneering the regulatory activities expected to start next year. According to the rules, the regulations would treat Bitcoin as a financial asset. This classification […]

The declaration marks the beginning of the long-awaited process of regulating crypto assets, which will produce benefits such as consumer protection and AML/KYC compliance. 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....