Cryptocurrency assets to be declared “financial products” in South Africa

rpm

Admin
Staff member
Joined
Jul 22, 2003
Messages
65,949
Crypto assets to be declared “financial products” in South Africa

South Africa’s Financial Sector Conduct Authority (FSCA) has published a draft declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act (FAIS).

What this means, in simple terms, is that cryptocurrency exchanges, advisors, and brokers will have to become registered financial services providers (FSPs).
 

Swa

Honorary Master
Joined
May 4, 2012
Messages
26,317
What counts as advice? If a friend asks you about crypto?
 
Joined
Dec 25, 2020
Messages
16
It's obvious that Topham's knowledge about the governance and security of cryptocurrencies is practically zero. Where is his license to regulate that which he does not understand?

Ludicrous that the blind get to lead the rest, that's one hell of a way to let your country miss out on the most distruptive evolution in the history of global finance!
 

Speedster

Honorary Master
Joined
May 2, 2006
Messages
11,612
It's obvious that Topham's knowledge about the governance and security of cryptocurrencies is practically zero. Where is his license to regulate that which he does not understand?

Ludicrous that the blind get to lead the rest, that's one hell of a way to let your country miss out on the most distruptive evolution in the history of global finance!
Why revive this thread? And what's your pain with regulation? Are you a scammer?
 

supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
54,171
It's obvious that Topham's knowledge about the governance and security of cryptocurrencies is practically zero. Where is his license to regulate that which he does not understand?

Ludicrous that the blind get to lead the rest, that's one hell of a way to let your country miss out on the most distruptive evolution in the history of global finance!

What governance?
 

ghoti

Karmic Sangoma
Joined
Jan 17, 2005
Messages
48,059
I understand why theyre doing this.... only reason its taken so long is they (people who dont like/understand blockchain) spent so much time and energy pretending it was not a financial product.
 

garp

Executive Member
Joined
Aug 2, 2004
Messages
8,744
It’s probably a good thing as it will help prevent scams like MTI. Anyway, it ultimately can’t prevent individuals from doing what they want with their own crypto.
 

acidrain

Executive Member
Joined
Jan 7, 2007
Messages
5,316
It's obvious that Topham's knowledge about the governance and security of cryptocurrencies is practically zero. Where is his license to regulate that which he does not understand?
Suppose those that required exchanges to implement KYC are tyrants and know nothing either.

It's all fun and games until someone gets burnt.
 
Top