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South Africa Classifies Crypto Assets as Financial Products
The move brings digital assets more under the purview of the country’s regulators.
South Africa has declared crypto assets to be a financial product, according to a new notice from the country’s Financial Sector Conduct Authority.
The change brings digital assets more under the purview of South Africa’s regulators.
STORY CONTINUES BELOW
The notice defines a crypto asset as a “digital representation of value” that is not issued by a central bank but can be traded, transferred or stored electronically “for the purpose of payment, investment and other forms of utility.”
The change, which takes effect immediately and falls under the Financial Advisory and Intermediary Services Act, 2022, comes as countries around the world are moving to regulate cryptocurrencies more strictly, particularly amid the recent volatility in prices and the collapse of several important crypto firms.
The deputy governor of South Africa’s central bank said this summer the bank had come to view cryptocurrency as a financial asset and was looking into regulating the sector.
Read more: South Africa's Central Bank Greenlights Financial Institutions to Serve Crypto Clients
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
