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The Financial Sector Conduct Authority (FSCA) issued a draft declaration of crypto assets as a financial product in late November, which falls under the Financial Advisory and Intermediary Services Act (FAIS).
The draft declaration proposes to alter the definition of a “financial product” in the country, to include “any other product similar in nature to any financial product” for the purposes of the Act.
The FSCA has specifically taken the view that crypto assets are similar in nature to some of the other financial products as defined under the FAIS Act, and the draft declaration therefore proposes to declare crypto assets as a financial product for purposes of the Act.