Cryptocurrency Is Now A Financial Product In South Africa
The Financial Sector Conduct Authority (FSCA) stated in a notification on Wednesday that cryptocurrency is not issued by a central bank but may be exchanged, transferred, and used for payments.
It also applies cryptographic techniques and distributed ledger technologies. The notification goes on to say that crypto assets have been designated as financial instruments.
A financial product is defined as a security, debenture, any money-making instrument, or an instrument giving rights to securities and instruments under the FAIS. It can be provided by South African-licensed financial service companies, whether domestic or foreign.
Governments and authorities around the world have increased their scrutiny of the new asset class, a trend that has intensified since the multibillion-dollar collapse of the Terra-LUNA stablecoin project in May.
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