South African Financial Sector Conduct Authority (FSCA) has declared that the definition of the financial product under the Financial Advisory and Financial Intermediary Services Act, 2002 (FAIS) will be extended to crypto assets on 19 October. A Crypto asset is defined as a digital representation of value that is not issued by a central bank, but could be electronically traded, transferred and stored with the application of cryptographic techniques and the use of distributed ledger technology. The declaration means crypto asset service providers have to obtain licenses to provide crypto services in the country, which is described as an onerous procedure by the local press.
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