
South Africa’s financial watchdog has classified cryptocurrency assets as financial products, a notice in the government gazette said on Wednesday, enabling them to be regulated according to Reuters.
In the brief notice, the Financial Sector Conduct Authority (FSCA) said a crypto asset, which it referred to as “a digital representation of value”, must be regulated in South Africa from the date of publication.Regulations that the authorities have said they planned to introduce include applying foreign exchange controls and licensing crypto trading companies.