South Africa Declares Crypto to Be a Financial Product Subject to Financial Services Law

Oct 20,2022
KingData News: The Financial Sector Conduct Authority (FSCA), South Africa’s financial regulator, published a notice on Oct. 19 indicating that the country’s 2002 Financial Advisory and Financial Intermediary Services Act (FAIS) has been updated to include a definition of crypto assets. A South African draft declaration on crypto assets was published in November 2020. In June 2021, a national working group created a roadmap for a regulatory framework. In February 2022, South Africa’s National Treasury confirmed the intention of declaring cryptocurrency a financial product and of enhancing the monitoring and compliance of transactions with regard to crypto.
This index tracks global regulatory move targeted at cryptocurrency and blockchain industry.
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