FSCA provides a positive update regarding NFTs

[Daniel Puchert]

Good news for people buying and selling NFTs in South Africa

The Financial Sector Conduct Authority (FSCA) says crypto asset platforms that offer financial services related to NFTs have been exempted from requiring a financial service provider licence.

"This exemption was granted based on the risk assessment at the time, with the FSCA determining that financial services related to NFTs should not fall under its oversight at that point," the regulator told MyBroadband.

 

[SauRoNZA]

That's not a good thing? That's a very bad thing.

Another cowboy outfit that gets to run rogue and scammers abound all over the place.

 

[3WA]

Someone please launched the "You've been scammed" NFT. R300k upfront payment, and you get the NFT to commemorate the event.

 

[Michae64]

“NFTs are a unique type of cryptographic token that cannot be exchanged on a one-to-one basis, as each NFT represents something distinct,” the FSCA said.

That you make bad financial decisions and probably invested money in Hawk Tauh Girl's coin

 

[Pythonista]

Just when I think the world couldn't get any dumber ... this comes along ...

 

[KleinBoontjie]

NFT's is still a thing?

 

[Swa]

That's not a good thing? That's a very bad thing.

Another cowboy outfit that gets to run rogue and scammers abound all over the place.

If people don't do their own research and go with the hype it's their own fault. I don't see digital tokens as any different than other digital products that people can be scammed with.

 

[SauRoNZA]

If people don't do their own research and go with the hype it's their own fault. I don't see digital tokens as any different than other digital products that people can be scammed with.

Oh I do agree.

And I guess the FSCA’s stance of every NFT being unique not making it their problem does make some sense.