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Crypto providers running out of time…

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FSCA declares crypto assets a financial product

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Crypto assets now officially considered 'financial products' in South Africa

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Proposal to define crypto assets as financial products in South Africa doesn't 'legitimise' them, experts warn

Proposal to define crypto assets as financial products in South Africa doesn’t ‘legitimise’ them, experts warn
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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. ....

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