Financial Sector Conduct Authority – DIGIT INFO

South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints

DIGIT — Tue, 24 Jan 2023 12:30:03 +0000

According to South Africa’s Office of the FAIS Ombud, an independent dispute resolution office, individuals with crypto-related grievances that occurred after Oct. 19, 2022, can now formally submit such complaints on the agency’s website. However, the Office of the FAIS Ombud insisted that all complaints that occurred before crypto assets were designated financial products will […]

Go to Source

South African Government to Add Crypto Entities to ‘List of Accountable Institutions’

DIGIT — Fri, 02 Dec 2022 10:30:34 +0000

According to the South African government, crypto entities — or businesses whose activities include the exchange or transfer of crypto assets — are set to be included in the list of so-called accountable institutions starting Dec. 19. Businesses that convert one crypto asset to another or that conduct transactions where a crypto asset is transferred […]

Go to Source

South Africa Retailer Pick n Pay Now Accepts Payment in Bitcoin at 39 Outlets

DIGIT — Thu, 03 Nov 2022 04:30:15 +0000

Pick n Pay, the South African retailer, has revealed that some of its grocery stores are now accepting bitcoin payments. To ensure payments are affordable, Pick n Pay reportedly uses the Bitcoin Lightning Network which is said to be suitable for “high volume, low-value transactions.” 2017 Trial Served as Proof of Concept The South African […]

Go to Source

Crypto Complaints Have Increased Significantly Says South Africa Financial Sector Ombud

DIGIT — Tue, 21 Dec 2021 11:00:01 +0000

Nonkumbulo Tshombe, an advocate with the Financial Advisory and Intermediary Services (FAIS) Ombud, recently revealed that her office has noted a significant increase in the number of cryptocurrency-related complaints during the 2020/21 financial year. Cryptocurrency Not yet Regulated An advocate with the South African office of the financial services sector ombudsman, Nonkumbulo Tshombe, recently revealed […]

Go to Source

Regulator Claims South Africa Set to Unveil Cryptocurrency Regulatory Framework in Early 2022

DIGIT — Sat, 11 Dec 2021 05:30:15 +0000

In early 2022, South Africa will have a new regulatory framework that covers cryptocurrencies, a commissioner with a regulatory body has said. Highly Risky Products South Africa’s financial sector regulator, the Financial Sector Conduct Authority (FSCA) is set to unveil a new regulatory framework that covers cryptocurrency in early 2022. According to Unathi Kamlana, a […]

Go to Source

South African Regulator ‘Welcomes’ Binance’s Decision to Terminate Certain Services in the Country

DIGIT — Sat, 16 Oct 2021 04:30:05 +0000

A South African regulator, the Financial Sector Conduct Authority (FSCA), says it welcomes Binance’s decision to stop offering some of its services to South Africans. Productive Consultations In a statement, the FSCA suggested that the move by the cryptocurrency exchange came after it held “productive consultations” with the regulator. As previously reported by Bitcoin.com News, […]

Go to Source

Bid to Have MTI Ponzi Declared Unlawful Scheme Suffers Setback — More Investors Oppose Motion

DIGIT — Sat, 11 Sep 2021 02:30:14 +0000

A slew of late court filings by lawyers representing Mirror Trading International (MTI) investors has forced a South African judge to postpone the hearing of the liquidators’ application to have the online bitcoin scam declared an illegal business. Concern Over Implications of Declaration Order As a Mybroadband report explains, the investors’ belated decisions to oppose […]

Go to Source

After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice

DIGIT — Sun, 05 Sep 2021 08:30:25 +0000

Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.” […]

Go to Source

South Africa Regulator Wants Mirror Trading International to Pay Millions as Penalty For Contravening Financial Sector Law

DIGIT — Thu, 08 Jul 2021 10:00:01 +0000

A South African regulator, the Financial Sector Conduct Authority (FSCA), has informed key figures behind Mirror Trading International (MTI) that it intends to impose a fine of $7 million against the now-defunct crypto investment company. Contravention of Financial Sector Law According to a July 6 letter, which has also been sent to the CEO and […]

Go to Source

Africrypt Ponzi Scheme Collapse: South Africa Regulator Says Its ‘Not in a Position to Take Any Regulatory Action’

DIGIT — Fri, 25 Jun 2021 12:00:17 +0000

Following Africrypt’s collapse, South African regulator, the Financial Sector Conduct Authority (FSCA), released a statement asserting its lack of jurisdiction over cryptocurrencies. Although the regulator says it is “continuing to investigate complaints” against the crypto investment company, it concedes it has only “found evidence of crypto-asset transactions.” A Large Number of Scams While the FSCA […]

Go to Source