South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA), is reportedly planning to introduce a regulatory framework covering cryptocurrencies early in 2022. The primary focus of new rules governing the trading of cryptocurrencies will be the protection of retail investors. The proposals follow two major crypto scams that originated in South Africa, both of which led to the disappearance of billions of dollars in investments. The FSCA is keen to be able to intervene where very high-risk products are offered to potential clients who do not properly understand the risks involved.
CH-019418 (Webpage Portal) 2021-12-10 (Published) 2021-12-15 (Updated)