KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL
FANews
FANews
RELATED CATEGORIES
SUB CATEGORIES Currency Hub |  General | 

Regulation on Crypto Assets

24 May 2022 Desiree Reddy, Norton Rose Fulbright

In November 2020, the FSCA released a draft declaration to include crypto assets as ‘financial products’ under the Financial Advisory and Intermediary Services Act, 2002. The effect of the draft declaration, once made final, would be that any person providing advice or intermediary services in relation to crypto assets would need to be licensed as a financial services provider under the FAIS Act. Comments on the draft declaration closed in January 2021. Since then, there has been no update on the timing of the regulation of crypto assets.

In an interview with Reuters on 18 May, South African Reserve Bank (SARB) Deputy Governor Kuben Naidoo, advised that the regulation of crypto assets is in the offing and might come into force within the next nine to 15 months.

In an interesting development, Deputy Governor Naidoo also spoke to the introduction of a digital rand, noting both its potential to cut the high cost of cross-border payments for banks but that its introduction is still a few years away.

All in all, positive news for the implementation of a regulatory framework and the development of a digital rand.

First published by: Financial Institutions Legal Snapshot

Quick Polls

QUESTION

We have watched with interest as each of the country’s large life insurers report their 2021 life claims statistics, with soaring claims and claims values. That got us thinking: how do the big life insurers compare against one another, from an IFA perspective?

ANSWER

An insurer is an insurer is an insurer
All are excellent: would not deal with them otherwise
There is one insurance brand that stands out for me
Tied agent: but my brand is the best out there
fanews magazine
FAnews June 2022 Get the latest issue of FAnews

This month's headlines

A free smoothie does not make a loyal customer
Consequential loss policy court cases
Everything you need to know about death, disability and severe illness cover post-emigration
Are advisers doing all they can for clients’ portfolios?
Financial advisers need help - navigating the complex ESG fund environment
Subscribe now