The Financial Sector Conduct Authority of the Republic of South Africa (FSCA) has described crypto assets as a “financial product”.
FSCA, South Africa’s regulator of the financial sector In a report shared on Oct. 19, cryptoassets are officially “financial product” was accepted as Recognition of crypto assets by one of the leading countries in Africa a promising development for the future of the industry interpreted as.
With this new definition, it is predicted that crypto assets will become more controllable by South African regulators. 2022 Financial Advisory and Brokerage Services Act It is not surprising that the change that came into effect within the scope of the project coincided with this period when leading countries around the world accelerated their work on crypto regulation.
This statement by the FSCA provides clear explanations of the nature of a crypto asset. Crypto assets that can be traded, transferred and stored electronically, but not published by any institution.a digital representation of value” states it.
According to the Chainalysis 2022 Global Crypto Adoption Index released in September, South Africa is the world leader in crypto adoption. 30th place is located. Various estimates give approx. 10-13% own crypto says it is.