South African crypto companies are now in the licensing net

05/28 19:25

South African crypto companies are now required to obtain a license under the Financial Advisory and Intermediary Services (FAIS) Act, which considers crypto assets as financial assets. Crypto asset service providers must follow the same rules as other banking services providers. The FAIS Act defines crypto assets broadly and includes "digital representations of value that are not issued by a central bank but can be traded, transferred, or stored for use." Failure to register under both FAIS and Financial Intelligence Centre Acts may result in fines and regulatory actions.

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