South African Crypto Landscape Primed for TradFi Growth After FSCA Ruling
Industry insiders believe that South Africa's decision to classify cryptocurrencies as financial products could promote the industry adoption and legitimacy.
New
South African financial service providers have been primed to offer cryptocurrency products and services to customers after regulatory changes in the country.
This comes after South Africa's Financial Sector Conduct Authority (FSCA) amended its Financial Advisory Act 2002 on October 19 to define the country's crypto-assets as financial products. More importantly, the definition means that cryptocurrencies can now be offered by financial service providers, both domestic and international, given that they are licensed in South Africa.
South Africa already has a growing number of retail cryptocurrency users, estimated at 6 million. The Reserve Bank of South Africa has also taken a measured approach in its regulatory stance on the sector to ensure investor protection without hampering innovation.
Cointelegraph has hit base with two top cryptocurrency exchanges operating in the country, Luno and VALR, both of which have sizable user bases. Firms are well placed to offer information on the latest regulatory developments, as they cater to both retail and institutional clients.
VALR CEO Farzam Ehsani called the FSCA's decision "good news for the South...
Industry insiders believe that South Africa's decision to classify cryptocurrencies as financial products could promote the industry adoption and legitimacy.
New
South African financial service providers have been primed to offer cryptocurrency products and services to customers after regulatory changes in the country.
This comes after South Africa's Financial Sector Conduct Authority (FSCA) amended its Financial Advisory Act 2002 on October 19 to define the country's crypto-assets as financial products. More importantly, the definition means that cryptocurrencies can now be offered by financial service providers, both domestic and international, given that they are licensed in South Africa.
South Africa already has a growing number of retail cryptocurrency users, estimated at 6 million. The Reserve Bank of South Africa has also taken a measured approach in its regulatory stance on the sector to ensure investor protection without hampering innovation.
Cointelegraph has hit base with two top cryptocurrency exchanges operating in the country, Luno and VALR, both of which have sizable user bases. Firms are well placed to offer information on the latest regulatory developments, as they cater to both retail and institutional clients.
VALR CEO Farzam Ehsani called the FSCA's decision "good news for the South...
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