South Africa declares crypto to be a financial product subject to financial services law

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The Financial Sector Conduct Authority (FSCA), South Africa’s financial regulator, published a notice 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 decision of this type has been expected for several months. It brings crypto assets under regulation in South Africa for the first time. The FSCA notice, which went into force on publication in the state Green Gazette, states that a crypto assets is “a digital representation of value” that can be electronically traded ...

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