// BEGIN ENQUEUE PARENT ACTION // AUTO GENERATED - Do not modify or remove comment markers above or below: if ( !function_exists( 'chld_thm_cfg_locale_css' ) ): function chld_thm_cfg_locale_css( $uri ){ if ( empty( $uri ) && is_rtl() && file_exists( get_template_directory() . '/rtl.css' ) ) $uri = get_template_directory_uri() . '/rtl.css'; return $uri; } endif; add_filter( 'locale_stylesheet_uri', 'chld_thm_cfg_locale_css' ); if ( !function_exists( 'chld_thm_cfg_parent_css' ) ): function chld_thm_cfg_parent_css() { wp_enqueue_style( 'chld_thm_cfg_parent', trailingslashit( get_template_directory_uri() ) . 'style.css', array( 'font-awesome-v5','bootstrap','sidr','magnific-popup','sliderpro' ) ); wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); } endif; add_action( 'wp_enqueue_scripts', 'chld_thm_cfg_parent_css', 10 ); // END ENQUEUE PARENT ACTION add_action( 'admin_enqueue_scripts', 'my_cfg_admin_enqueue' ); function my_cfg_admin_enqueue(){ wp_enqueue_script('custom-script', get_stylesheet_directory_uri() . '/custom-script.js', array('jquery')); wp_enqueue_style('style-cfg-child', get_stylesheet_uri(), array(), "4.2"); } add_action( 'after_setup_theme', 'remove_plugin_image_sizes', 999 ); function remove_plugin_image_sizes(){ remove_image_size( '2048x2048' ); remove_image_size( '1536x1536' ); remove_image_size( 'large' ); } function action_dynamic_sidebar_after( $array ) { if($array == "home-content-widgets") { echo the_content(); } }; add_action( 'dynamic_sidebar_after', 'action_dynamic_sidebar_after', 10, 1 ); add_action( 'trashed_post', 'mtp_delete_attached_thumbnail_for_trashed_product', 20, 1 ); function mtp_delete_attached_thumbnail_for_trashed_product( $post_id ) { // gets ID of post being trashed $post_type = get_post_type( $post_id ); // does not run on other post types if ( $post_type != 'post' ) { return true; } // get ID of featured image $post_thumbnail_id = get_post_thumbnail_id( $post_id ); // delete featured image wp_delete_attachment( $post_thumbnail_id, true ); }/** * The header for our theme * * This is the template that displays all of the section and everything up until
* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> South African Financial Sector Regulator Declares Crypto Assets a Financial Product – Regulation Bitcoin News – CoinsMegaNews

South African Financial Sector Regulator Declares Crypto Assets a Financial Product – Regulation Bitcoin News

3 years ago CryptoExpert
South African Financial Sector Regulator Declares Crypto Assets a Financial Product – Regulation Bitcoin News

[ad_1]

According to a general notice published in a government gazette, crypto assets are now treated as financial products under South Africa’s Financial Advisory and Intermediary Services (FAIS) Act. Declaration of the crypto assets as financial products means crypto asset service providers (CASP), such as exchanges, must apply for a license.

Declaration Applicable to Any Digital Representation of Value Not Issued by Central Bank

According to a recently published South African government gazette, crypto assets have been declared as financial products under the country’s Financial Advisory and Intermediary Services (FAIS) Act. Signed by the Financial Sector Conduct Authority (FSCA) commissioner, Unathi Kamlana, the declaration became effective on October 19.

The designation, which has been welcomed by some players in South Africa’s crypto industry, applies to any “digital representation of value which 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 or other forms of utility.”

The declaration also comes just a few months after the deputy governor of the South African central bank, Kuben Naidoo, revealed that his institution would be treating crypto assets as financial products. Such treatment would allow the South African Reserve Bank to regulate crypto assets.

‘Mounting Risk in the Crypto Asset Environment’

Reacting to the news, Farzam Ehsani, the founder and CEO of South African crypto exchange platform Valr, offered his perspective on what he thinks prompted this move. He tweeted:

The reason for the declaration was cited as being due to the ‘mounting risk in the crypto asset environment’ but it also looks [like] this action was done to comply with a Financial Action Task Force (FATF) deadline for remediation of recommendations for South Africa. Recommendations not fully remediated or significantly progressed by October 2022 can lead South Africa to be placed on the FATF grey list, which could have materially negative consequences for the country as a whole.

According to Ehsani, one consequence of this declaration is that crypto asset service providers (CASP) such as exchanges, now need to apply for a license under the FAIS Act. This has to be done between June 1, 2023 and November 30, 2023. In addition, CASPs will also be required to share information with the FSCA upon request.

On what the declaration means for the industry, the Valr CEO said:

“Overall this is a positive step for the crypto industry and South Africa in general. This Declaration will open the door to many of the large traditional financial institutions (TradFi) in South Africa to start providing crypto products and services.”

The CEO added the declaration brings regulatory clarity — something which has been lacking.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.



Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

[ad_2]

Source link

Tags:

More Stories

Bank of Russia Supports Cryptocurrency Usage for International Settlements

Bank of Russia Supports Cryptocurrency Usage for International Settlements

1 year ago CryptoExpert
IMF Urges Ukraine to Finalize Crypto Legislation, Government Official Reveals

IMF Urges Ukraine to Finalize Crypto Legislation, Government Official Reveals

1 year ago CryptoExpert
South Korea to Unveil Guidelines Barring the Listing of Hacked Coins

South Korea to Unveil Guidelines Barring the Listing of Hacked Coins

1 year ago CryptoExpert
Uniswap Labs Receives SEC Wells Notice, Founder Vows to Fight

Uniswap Labs Receives SEC Wells Notice, Founder Vows to Fight

1 year ago CryptoExpert
Lawmaker Highlights 2 Bills to Make US a Crypto Leader — Says Bitcoin Is ‘Unstoppable’

Lawmaker Highlights 2 Bills to Make US a Crypto Leader — Says Bitcoin Is ‘Unstoppable’

1 year ago CryptoExpert
Vaneck CEO Expects SEC to Reject Spot Ethereum ETF Applications in May

Vaneck CEO Expects SEC to Reject Spot Ethereum ETF Applications in May

1 year ago CryptoExpert

Leave a Reply

Your email address will not be published. Required fields are marked *

/** * The template for displaying the footer * * Contains the closing of the #content div and all content after. * * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?>

You may have missed

Online Gambling Establishment Real Money: A Comprehensive Overview to Winning Large

3 days ago xtw18387208b

How to Deposit at Online Gambling Establishments Using Neteller

3 days ago xtw18387208b

Free Online Slots No Download: The Ultimate Guide

3 days ago xtw18387208b

The Best Places to Play Casino Games Online

3 days ago xtw18387208b