If you offer crypto-related financial services in South Africa, the Financial Sector Conduct Authority (FSCA) has issued a request to which you are required to respond. The FSCA has issued a new information request to better understand the current crypto market, improve oversight, and protect consumers.
What is this request about?
In October
Following on from our earlier blog on the declaration of crypto assets as financial products under the FAIS Act (the Declaration) we have received numerous queries on the transitional arrangements relevant to the new licensing regime, and the impact of the Declaration on crypto asset derivatives.
Transitional arrangements
Specific concerns have been raised regarding whether
With the declaration of crypto assets as a financial product, providers of crypto assets are left wondering whether they need to register as a financial service provider under the Financial Advisory and Intermediary Services Act, 2002.
Following an exemption published by the Financial Sector Conduct Authority, a person who provides a financial service in relation
In general notice 1350 of 2022, effective as of 19 October 2022, the FSCA has formally declared a crypto asset as a financial product under the Financial Advisory and Intermediary Services Act, 2002.
The declaration marks the first step in crypto asset regulation, in South Africa, and follows a draft declaration published in 2020
This blog was co-authored by: Preshanta Poonan, Associate Designate
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