Statistics Act, 1999
R 385
Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)DeclarationsDeclaration of a Crypto Asset as a Financial Product under the Financial Advisory and Intermediary Services ActGeneral Notice No. 1350 of 2022 |
General Notice No. 1350
19 October 2022
GG 47334
Financial Sector Conduct Authority
| 1. | Definitions |
In this Notice, “the Act” means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002), any word or expression to which a meaning is assigned in the Act shall have that meaning, and—
“crypto asset” means a digital representation of value that—
| (a) | 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 and other forms of utility; |
| (b) | applies cryptographic techniques; and |
| (c) | uses distributed ledger technology. |
| 2. | Declaration |
The Authority, under paragraph (h) of the definition of “ financial product” as defined in section 1 of the Act, hereby declares a crypto asset as a financial product for purpose of that definition.
| 3. | Short title and commencement |
| (1) | This Notice is called the Declaration of a crypto asset as a financial product under the Financial Advisory and Intermediary Services Act, 2022. |
| (2) | This Declaration takes effect on the date of publication. |
UNATHI KAMLANA
COMMISSIONER
FINANCIAL SECTOR CONDUCT AUTHORITY
