South Africa: Open consultation on draft declaration of crypto assets as financial products

On 20 November 2020, the South African Financial Sector Conduct Authority (FSCA) published for consultation a draft declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act (FAIS). The Declaration proposes that any person providing advice or supplying intermediary services related to crypto assets must be authorised under the FAIS Act as a financial services provider and must comply with the requirements of the FAIS Act. It would regulate crypto asset exchanges and platforms, brokers and advisors. The consultation closes on 28 January 2021.