Government attitude and definition
As a result of the growing interest and rapid innovation in the
financial technology ("fintech") and
crypto assets domain, the Intergovernmental Fintech Working Group
("IFWG") was established in 2016. The
IFWG is comprised of members from the National Treasury, the South
African Reserve Bank (the "SARB")
(Prudential Authority), the Financial Sector Conduct Authority (the
"FSCA") (the Market Conduct Authority),
the South African Revenue Service
("SARS") and the Financial Intelligence
Centre (the "FIC"). The overarching
objective of the IFWG has been to develop a common understanding
among regulators and policymakers of fintech developments, as well
as the policy and regulatory implications (of fintech) for the
financial sector and the economy as a whole.
