Financial technology or Fintech is a relatively new field and has developed faster than many legislative processes. Because the nuances of blockchain applications are varied, Fintech and Crypto Law covers a broad range of regulations, many of which were formulated before its existence. As such, it covers laws and regulations in the fields of financial …
Cryptocurrency in South Africa: Is it regulated? Read More »
The Minister of Finance has amended the Schedules to the Financial Intelligence Centre Act of 2001 (FICA) which comes into effect on 19 December 2022. The amendments include crypto asset service providers (CASPs) within the definition of an “accountable institution” in Schedule 1 of FICA. CASPs will have to register with the Financial Intelligence Centre …
Crypto Asset Service Providers Further Regulated Read More »
Last week, the Financial Sector Conduct Authority (FSCA) officially declared “crypto assets” to be financial products in terms of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). Financial services under the FAIS Act are regarded as any “advice” or “intermediary service” (dealing, managing, administrating, servicing, or maintaining) in respect of a …
Crypto assets declared financial products in South Africa under the FAIS Act in 2022 Read More »
Summary: Crypto assets have been declared financial products in a draft declaration issued by the FCSA The draft is open to comment from the public until 28 January 2021 Those providing advice or intermediary services in respect of crypto assets will need to register as financial services providers and be subject to stricter controls On …
The release in the past few weeks by National Treasury of proposed amendments to the schedules to the Financial Intelligence Centre Act, 2001 (FIC Act), seems to have passed largely unnoticed by the general public. This, however, marks the first real step taken by government in achieving its stated aim of implementing a proportionate and …
First Steps toward Crypto Asset Regulation in SA Read More »
In the wake of the Panama Papers and with growing instances of data breaches and identity theft, software developers need to show that they are taking privacy seriously. The proliferation of digitised-storage of data has moved global attention to the blockchain – the technology that underpins the cryptocurrency, Bitcoin. While the future of Bitcoin is …
POPI Compliance: Can Personal Information be Stored on a Blockchain? Read More »
For most people blockchain technology is synonymous with bitcoin and often the mere mention of either results in a glazed expression and derision. After all, who can forget Silk Road? Well, if the latest media hype is anything to go by, blockchain technology is not just here to stay, it’s also the single biggest potential …
