South Africa declares crypto as financial product vide Financial Advisory and Intermediary Services Act, 2022

On 19-10-2022, the Financial Sector Conduct Authority has declared crypto asset as a financial product under paragraph (h) of the definition of “ financial product” as defined in section 1 of the Act.

Note:
“crypto asset” means a digital representation of value that –

1. is not issued by a central bank, but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility;
2. applies cryptographic techniques; and
3. uses distributed ledger technology.