Metaport -Crypto/Blockchain Education for Africans
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South Africa Moves to Regulate Crypto Assets

News 🗞 : South Africa moves to regulate Crypto Assets

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According to a notice published in the government gazette on Wednesday, South Africa's financial watchdog has classified cryptocurrency assets as financial products, making them subject to regulation.

The Financial Sector Conduct Authority (FSCA) stated in the brief notice that as of the date of publication, a crypto asset, which it referred to as "a digital representation of value," must be regulated in South Africa.

The government has stated that it intends to enact regulations that cover licensing cryptocurrency trading firms and implementing foreign exchange controls.

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