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
This article was co-authored by: Kristen de Wet, Candidate Attorney
The deputy governor of the South African Reserve Bank (SARB) has confirmed that the trading of cryptocurrency in South Africa will be regulated within the next 12 to 18 months from 12 July 2022.
The use of cryptocurrency in South Africa is prevalent and recent
In a draft declaration issued on 20 November 2020, the FSCA proposed to include crypto assets as a category of financial product under the Financial Advisory and Intermediary Services Act, 2002 (“FAIS”). We wrote about this previously, here.
Speaking to the draft declaration in a September 2021 media briefing, Ms Olaotse
On 20 November 2020, the Financial Sector Conduct Authority issued a draft Declaration of Crypto Assets as a Financial Product under the Financial Advisory and Intermediary Services Act 2002 (FAIS Act). The Declaration will be made in terms paragraph (h) of the definition of ‘financial product’ in the FAIS Act, which provides that a financial
Exchanging bank notes and coins are increasingly seen as risky business, as noted by Thomson Reuters in an article on the rise of digital money transactions.
The COVID-19 pandemic may speed up the global move towards digital-only payments. Apart from the more widespread use of payment apps, electronic funds transfers and cryptocurrencies, the idea
A court in Ohio found that bitcoin is covered ‘property’ under a homeowner’s policy and not ‘money’ and therefore the claim for lost bitcoin was not limited by the money sublimit. The decision was based partly on a recent Internal Revenue Service document that categorised virtual currency such as bitcoin as property for federal tax
South African courts have yet to deal with a case involving Bitcoin or other cryptocurrencies. But the fact that cryptocurrencies remain largely unregulated in most jurisdictions does not place cryptocurrency disputes beyond the reach of the courts.
Globally, most litigation has related to insolvency, fraud and breach of contract.
The use of and interest in cryptocurrencies like Bitcoin have grown substantially.
In the 24 hours from 1 to 2 June 2015, 130 632 Bitcoin transactions occurred globally with a total value of ZAR 611 321 864.85 (or USD 59 079 000.24 at exchange rates of USD 1 to ZAR 12.21).