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

[rpm]

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).

 

[Thor]

Ouch, the right move though.

 

[r00igev@@r]

Cheri is gonna wet her tent.

 

[Willem_Wikkelspies]

 

[JohnStarr]

View attachment 957005

They look honrable, and there is a forum thread on here espousing just that. Lol!

 

[Swa]

What counts as advice? If a friend asks you about crypto?

 

[ALittleBitMore]

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]

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?

 

[PsyWulf]

Why revive this thread? And what's your pain with regulation? Are you a scammer?

Disregard the pontifications of the crypto-cultist
Every group has the odd uncle that doesnt get invited to parties and collects mushrooms,in this instance its @ALittleBitMore

 

[Gerry]

looks like the company photo for an Irish nightclub

View attachment 957005

 

[ALittleBitMore]

Why revive this thread? And what's your pain with regulation? Are you a scammer?

This article was linked to in another.
Regulation, what for? Are you a tyrant who likes to tell people what they may or may not do with their own money?

 

[ALittleBitMore]

Disregard the pontifications of the crypto-cultist
Every group has the odd uncle that doesnt get invited to parties and collects mushrooms,in this instance its @ALittleBitMore

You and the rest of the non-visionaries laugh now, secure in your cocoon world. My mushrooms and I will laugh later.

 

[Speedster]

This article was linked to in another.
Regulation, what for? Are you a tyrant who likes to tell people what they may or may not do with their own money?

If telling vehicle drivers they aren't allowed driving 300kph on roads with pedestrians and tight corners is tyranny, then yes, I am a tyrant.

 

[supersunbird]

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]

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]

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.

 

[C4Cat]

I wonder how this would effect sites like localbitcoins

 

[acidrain]

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.