Declaration of a crypto asset as a financial product under the Financial Advisory and Intermediary Services Act, 2022

Jurisdiction
South Africa
Citation
General Notice 1350 of 2022
Primary work
Financial Advisory and Intermediary Services Act, 2002
Date
19 October 2022
Language
English
Type
Legislation
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Taxonomies
South Africa
Financial Advisory and Intermediary Services Act, 2002

Declaration of a crypto asset as a financial product under the Financial Advisory and Intermediary Services Act, 2022

General Notice 1350 of 2022

1. Definitions

In this Notice,“the Act” means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), any word or expression to which a meaning is assigned in the Act shall have that meaning, and—“crypto asset” means a digital representation of value that—
(a)is not issued by a central bank, but is capable of being traded, transferred or stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility;
(b)applies cryptographic techniques; and
(c)uses distributed ledger technology.

2. Declaration

The Authority, under paragraph (h) of the definition of “financial product” as defined in section 1 of the Act, hereby declares a crypto asset as a financial product for purpose of that definition.

3. Short title and commencement

(1)This Notice is called the Declaration of a crypto asset as a financial product under the Financial Advisory and Intermediary Services Act, 2022.
(2)This Declaration takes effect on the date of publication.
Unathi KamlanaCommissionerFinancial Sector Conduct Authority
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19 October 2022 this version
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  1. Financial Advisory and Intermediary Services Act, 2002

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