Crypto assets are now considered financial products in South Africa
10/23 02:42
According to Techcabal, South Africa’s Financial Sector Conduct Authority (FSCA), through the Financial Advisory and Intermediary Services (FAIS) Act, has declared that cryptocurrency assets are classified as financial products, allowing them to be regulated.
However, the FSCA’s head of regulatory frameworks, Eugene Du Toit, clarified that the move does not mean that cryptocurrencies are now legal tender in the country.
“We are not legitimising crypto assets,” Du Toit said at a press conference. “We are not giving credence to crypto assets.”
It is important to note that the FAIS does not include miners and NFT.
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