Cryptocurrencies & Blockchain

Where crypto businesses are most vulnerable to AML risks

Crypto assets have, for a long time, caught the eye of criminals and their enablers, exploiting this newly emerging, and therefore lightly regulated, area of financial services. Crypto assets, however, are certainly on the radar of the regulator locally, just named as financial products.

The positive impact of regulations on cryptocurrency returns

After being in a state of limbo for several years, cryptocurrency regulation has started to gain significant momentum globally. These developments are a clear indication that cryptocurrencies are not only here to stay but are on a path to becoming part of the world’s financial system.

Crypto Assets in South Africa are now legally recognised as Financial Products

Licence windfall as FSCA catches up with Crypto Asset FSPs

Financial services providers (FSPs) that operate in the crypto asset space will soon have to join the growing queue of firms applying for FAIS licences issued by the Financial Sector Conduct Authority (FSCA). This follows a 19 October 2022 ‘Declaration of a crypto asset as a financial product under the Financial Advisory and Intermediary Services (FAIS) Act’ announcement, published in Government Gazette: General Notice 1350 of 2022. And that’s quite a mouthful for what turns out to be a one-page decree.