Please take note of the following updates in the industry.

From the FSCA...
A draft Declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act (FIAS Act.) has been published.
 

  • South Africa has had a rapid increase in the use of crypto assets over the years, which is why it has been under consideration by the National Treasury (NT) and other relevant authority on how to regulate crypto assets.
  • The Declaration intends to provide partial effect to some of the recommendations contained in the position paper by declaring crypto assets as a financial product under the FAIS Act. 
  • Comments are due on Thursday, 28 January 2021