In late 2022, aligning with global trends for increased regulation and oversight, South Africa included crypto assets under its primary financial conduct laws. This was effected by the Financial Sector Conduct Authority (FSCA) declaring crypto assets as ‘financial products’ under the Financial Advisory and Intermediary Services Act, 2002. Consequently, anyone providing advice or intermediary services in relation to crypto assets needs a license as a financial services provider, colloquially referred to as a Crypto Asset…
The worldās central banks understand that the future of money is digital. As payments shift online, the use of cash declines and the fortunes of crypto assets rise and fall, central bankers realize that their ability to command the use of money in their economies could weaken. This could also contribute to cement the financial exclusion of un- and underbanked citizens. To try and forestall such developments, central banks in all the worldās major economies and most…
Baker McKenzie is pleased to announce that the Blockchain and Cryptocurrency in Africa report is now available. This guide summarizes the latest and key developments taking place in 22 selected African jurisdictions in respect of blockchain and cryptocurrency, focusing on the regulatory approaches up until the end of 2018. This guide also provides a comparative assessment of the stance adopted by such regulators, with a view to providing a betterĀ understanding of the opportunities and challenges…