According to a new notice from the country’s Financial Sector Conduct Authority (FSCA), South Africa declares crypto assets as financial products.
The change brings the digital assets class in line with other regulated financial products.
Given that citizens of South Africa are already free to own and trade cryptocurrencies, their definition opens the door for a wider adoption of the technology.
The FSCA defines cryptocurrency as an asset based on distributed ledger technology that is not issued by a central bank and uses cryptography. The asset must also be tradable and able to be stored electronically for the purposes of payment, investment, or other forms of utility.
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