Opinion | South African crypto providers now caught in licensing net, write Lerato Lamola-Oguntoye and Analisa Ndebele
governments are moving ahead with regulating crypto assets. The South African Reserve Bank at first merely warned the public about the volatility of the crypto asset market, but South African regulators have now defined crypto as a financial asset under the Financial Advisory and Intermediary Services Act. The Financial Intelligence Centre Act also applies.
Guidance from the regulator of the FAIS Act, the Financial Services Conduct Authority , is that certain activity is not covered by the declaration of crypto assets as a financial product. Although certain activity would qualify under this definition, the FSCA does not at this stage require players to apply for a licence. They are:
Those providing financial services in relation to crypto asset derivatives, which are defined as securities under the Financial Markets Act . These players should already be licensed under FAIS or be complying with the FMA.
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