An Update On Crypto Assets – A Move Towards Regularisation

Although the Blockchain and the various Crypto Assets used on the system are viewed as immensely useful, the official regulatory position of the South African legal system has not yet been established. It may take some time before any official position or regulation will be adopted, but it is refreshing to note that various groups and departments are in the process of developing a framework. With these updates, we are able to establish with some certainty the legal and definition status of crypto assets. This article aims to provide a summary of recent updates, in particular, the Intergovernmental Fintech Working Group ('IFWG') which recently confirmed its position on crypto assets, as well as recent international changes which may become relevant.¹