South Africa to treat #Bitcoin and crypto as financial products.twitter.com/bitcoinmagazine/status/1582783286673174528
191 sats \ 4 comments \ @shyfire 19 Oct 2022 bitcoin
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21 sats \ 0 replies \ @k00b 19 Oct 2022
Is this better or worse than considering it property? I guess I'm just unsure what financial product means.
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0 sats \ 1 reply \ @KenyaCoin 19 Oct 2022
Here's an article on this development from Bloomberg:
Crypto Assets to Be Treated as Financial Products in South Africa https://www.bloomberg.com/news/articles/2022-10-19/crypto-assets-will-be-treated-as-financial-products-in-south-africa-from-today [Archive]
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0 sats \ 0 replies \ @KenyaCoin 19 Oct 2022
Here's the Tweet by the CEO of VALR exchange that kicks off a Twitter thread on this development:
This is an historic moment for South Africa:
Today the Financial Sector Conduct Authority (FSCA) declared a crypto asset as a financial product under the FAIS Act.
This Declaration was published in the Government Gazette as well as the FSCA website.
https://twitter.com/farzamehsani/status/1582775023709741058 [Nitter]
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0 sats \ 0 replies \ @CheezeGrater 19 Oct 2022
Some of what I could find on the matter from a while back:
https://www.coindesk.com/policy/2022/08/19/south-africas-monetary-authority-greenlights-banks-to-serve-crypto-clients/
"The guidance was released after some local banks previously moved to shut down accounts tied to crypto exchanges, citing exposures to risk. In the published document, the SARB said it was aware that certain banks in the country have blocked clients with links to crypto. It added that although thorough risk assessment is necessary, the "wholesale termination of client relationships" poses a threat to financial integrity."
So seems like a good thing.
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