Calls for a cautious approach to crypto asset investing as FSCA brings crypto’s into the regulatory fold
21 October 2022
If you buy and sell Bitcoin and Ethereum like there’s no tomorrow, or if you offer a cryptocurrency or crypto asset exchange, platform or service, then what follows will be of interest to you. You see, the crypto news that South African financial institutions and investors have long been waiting for has finally been announced, by its publication in the Government Gazette: General Notice 1350 of 2022. In this notice, the Financial Sector Conduct Authority (FSCA) confirms that crypto assets will be considered a financial product under the Financial Advisory and Intermediary Services (FAIS) Act, effective from 19 October 2022, and regulated accordingly.