Crypto assets are to be treated as financial products in South Africa, to make it easier for regulators to monitor the market and help to safeguard consumers.
The Financial Sector Conduct Authority defined crypto assets as “a digital representation of value” in a gazette notice published on Wednesday.
A crypto asset isn’t issued by the central bank, but can be traded, transfered or stored electronically for purposes of payment, investment or other forms of utility, according to the announcement.
The declaration, which takes effect immediately, comes as governments around the world push to regulate cryptocurrencies to protect users from turbulent …