FinTech: Crypto Asset Q&A Webinar

Webber Wentzel experts, Lerato Lamola-Oguntoye and Analisa Ndebele unpack the upcoming Financial Advisory and Intermediary Services Act application process impacting #crypto asset market players.
Lerato Lamola-Oguntoye
00:04:39 South Africa has opted for the terminology “crypto assets”, not “crypto currency”. That is important because crypto assets are not legal tender.
00:09:06 At this stage, the expectation is not for players who deal in NFTs to apply for FSP licences.
00:13:36 We are all learning together how the regulatory framework needs to be built, and this is clear from the exemptions that have been given.
00:21:50 For FAIS, we are in the exemption period. FICA has no exemption period.
00:24:32 There are some challenges around exchange control when you want to convert your crypto assets back into normal currency and bring those proceeds back into the country.
Analisa Ndebele
00:10:46 Consumer protection is applicable to crypto asset regulation, so with that comes a level of regulation and oversight that the FSCA would need to have, and a pending licensing regime.