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ARTICLE · 02 NOVEMBER 2022

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Clarity For Crypto Asset Service Providers

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Over the past few years, there has been a marked uptake in the trading of crypto assets, such as Bitcoin, Ethereum and Monero. These digital currencies often surpass regulatory scrutiny...

South AfricaTechnology
Mia De Jager
Mia De Jager
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Over the past few years, there has been a marked uptake in the trading of crypto assets, such as Bitcoin, Ethereum and Monero. These digital currencies often surpass regulatory scrutiny because they are not recognised as financial products. This has now changed.

The Financial Service Conduct Authority (FSCA) has recently provided much-needed clarity on the status of crypto assets in South Africa. On 19 October 2022, the FSCA issued a notice declaring that crypto assets are now regarded as 'financial products' under the Financial Advisory and Intermediary Services Act (FAIS Act). This, however, does not mean that crypto assets are accepted as a valid form of payment or legal tender in South Africa. This is a further potential change that the South African Reserve Bank is exploring.

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