Cryptocurrency assets are now classified as financial products. The Financial Sector Conduct Authority (FSCA) says crypto assets will now be regulated. The regulator says the industry has been aggressively marketing its products without any oversight on the quality of its products to virtual clients. It believes this is the first step in protecting consumers.
According to the Chainalysis 2022 Global Crypto Adoption Index, published in September, South Africa ranks 30th worldwide for cryptocurrency adoption.
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