Fun

South Africa Unveils New Crypto Rules as Usage Soars Exponentially

News Feed - 2020-11-21 09:11:40

South Africa Unveils New Crypto Rules as Usage Soars Exponentially


The South African financial regulator has published a draft declaration of crypto assets as financial products. The regulator says South Africa has experienced “an exponential increase in the provision and use of crypto assets.” South Africa’s Crypto Regulation


South Africa’s Financial Sector Conduct Authority (FSCA) announced Friday that it has published “a draft declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act [FAIS].” Comments on the draft declaration can be submitted until Jan. 28, 2021. The regulator wrote: Globally there is rapid growing interest by retail investors to purchase crypto assets. South Africa has also experienced an exponential increase in the provision and use of crypto assets.


The draft declaration incorporates some recommendations for the regulation of cryptocurrency as a financial product under the FAIS Act from a position paper published this year by the Crypto Assets Regulatory Working Group (CAR WG).


The new rules apply to cryptocurrency service providers, including crypto exchanges, advisors, and brokers. They will have to register with the FSCA as financial services providers (FSPs). The FSCA detailed: The declaration would have the effect that any person furnishing advice or rendering intermediary services in relation to crypto assets must be authorised under the FAIS Act as a financial services provider.




The financial regulator clarified: “The draft declaration in no way impacts the status of crypto assets in the context of other laws … nor does it attempt to regulate, legitimize or give credence to crypto assets.”


“The draft declaration is merely intended to be an interim step in mitigating certain immediate risks in the crypto assets environment, pending the outcome of broader developments currently taking place through the Crypto Assets Regulatory Working Group (CAR WG), which will inform future policy interventions to be implemented across a variety of regulators and laws,” the FSCA described.


What do you think about South Africa regulating crypto assets? Let us know in the comments section below. Texas State Securities Board Flags 15 Investment Entities Including One Unregistered Crypto Trader REGULATION | 15 hours ago Thailand"s New Rules Help Securities Companies Launch Crypto Exchanges REGULATION | 2 days ago Tags in this story bitcoin use south africa, Crypto regulation, Cryptocurrency regulation, south africa bitcoin, south africa crypto, south african crypto regulation


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Will the Bitcoin halving bring more institutional investors into crypto?
Andrew Singer9 hours agoWill the Bitcoin halving bring more institutional investors into crypto?The Bitcoin ETFs appear to have opened many institutions’ eyes to Bitcoin as an alternate asset. Will the April halving ac
Iran Places First Official Import Order With Cryptocurrency Worth $10 Million
Iran Places First Official Import Order With Cryptocurrency Worth $10 Million Iran has placed its first official import order using cryptocurrency worth $10 million, according to a
Localbitcoins Trader Facing up to 40 Years in Prison Over Bitcoin Fraud Schemes
Localbitcoins Trader Facing up to 40 Years in Prison Over Bitcoin Fraud Schemes A trader on Localbitcoins and Paxful has pleaded guilty to charges in connection
Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia
Bitcoin Cash Represents 93% of November"s Crypto Spending in Australia News.Bitcoin.com recently reported on web portal Bitcoinbch.com’s in-depth report, which detailed BCH
XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitgo Plans to Launch Wrapped Bitcoin on the Tron Blockchain
Bitgo Plans to Launch Wrapped Bitcoin on the Tron BlockchainSoon there will be another network that allows people to tokenize BTC in order to leverage the underlying blockchain&rsqu
LBank Exchange Lists Crypton (CRP) on February 11, 2022
LBank Exchange Lists Crypton (CRP) on February 11, 2022 press release PRESS RELEASE. INTERNET CITY, DUBAI, Feb. 12, 2022 – LBank Exchange, a global digital asset trading plat
Turner Wright2 hours agoReport suggests 6 billionaire crypto traders earned their fortunes from BitcoinThe firm behind the “Crypto Wealth Report” said it received a spike in the number of crypto-related inquiries by
Boda boda blockchain boost: How tech is tracking Africa’s motorbike taxis
Gareth Jenkinson14 hours agoBoda boda blockchain boost: How tech is tracking Africa’s motorbike taxisNodle’s underlying blockchain infrastructure will enable real-time location data of motorcycle taxis in East Africa
US Consumers Expect Inflation to Continue Rising Sharply According to the Fed’s Latest Survey
US Consumers Expect Inflation to Continue Rising Sharply According to the Fed’s Latest Survey The Federal Reserve Bank of New York published the Survey of Cons
US Financial Services Committee Hearing Discussed the Creation of a ‘Digital Dollar’
US Financial Services Committee Hearing Discussed the Creation of a "Digital Dollar"On June 11, 2020, the United States Congress Financial Services Committee held a remote hearing a
End Of The Road For Solana? Analyst Predicts 77% Price Crash To $40
Este artículo también está disponible en español. In a surprising take, a crypto analyst has foreseen a crash in the price of Solana despite the ongoing bull momentum.Thi