On 19-10-2022, the Financial Sector Conduct Authority has declared crypto asset as a financial product under paragraph (h) of the definition of financial product as defined in section 1 of the Act.

“crypto asset means a digital representation of value that

  1. 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;
  2. applies cryptographic techniques; and
  3. uses distributed ledger technology.

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