South Africa announces the classification of crypto assets as financial products

ChainCatcher news, the South African Financial Sector Conduct Authority has issued a notice announcing that crypto assets are classified as financial products, effective immediately. The notice defines crypto assets as a digital representation of value that is not issued by a central bank but can be traded, transferred, or stored electronically by natural persons and legal entities for payment, investment, and other forms of utility, and stipulates that crypto assets must utilize cryptographic technology and distributed ledger technology.

Previously, the South African Reserve Bank issued guidelines requiring local banks to engage in business with cryptocurrency companies. (source link)