{"id":276019,"date":"2022-10-20T17:30:32","date_gmt":"2022-10-20T12:00:32","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=276019"},"modified":"2022-10-20T17:30:32","modified_gmt":"2022-10-20T12:00:32","slug":"south-africa-declares-crypto-as-financial-product-vide-financial-advisory-and-intermediary-services-act-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/10\/20\/south-africa-declares-crypto-as-financial-product-vide-financial-advisory-and-intermediary-services-act-2022\/","title":{"rendered":"South Africa declares crypto as financial product vide Financial Advisory and Intermediary Services Act, 2022"},"content":{"rendered":"<p><span id=\"page23R_mcid17\" class=\"markedContent\"><span class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On 19-10-2022, the Financial Sector Conduct Authority has declared crypto asset as a financial product under paragraph (h) of the definition of<\/span> <span dir=\"ltr\" role=\"presentation\">\u201c<\/span> <span dir=\"ltr\" role=\"presentation\">financial product<\/span><span dir=\"ltr\" role=\"presentation\">\u201d<\/span> <span dir=\"ltr\" role=\"presentation\">as defined in section 1 of <\/span><span dir=\"ltr\" role=\"presentation\">the Act.<\/span><\/span><\/span><\/p>\n<p><span id=\"page23R_mcid17\" class=\"markedContent\"><span class=\"markedContent\"><strong>Note:<\/strong> <br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\"><strong>\u201ccrypto asset<\/strong>\u201d<\/span> <span dir=\"ltr\" role=\"presentation\">means a digital representation of value that<\/span> <span dir=\"ltr\" role=\"presentation\">\u2013<\/span><br role=\"presentation\" \/><\/span><\/span><\/p>\n<ol>\n<li><span id=\"page23R_mcid17\" class=\"markedContent\"><span class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">is not issued by a central bank, but is capable of being traded, transferred or stored electronically <\/span><span dir=\"ltr\" role=\"presentation\">by natural and legal persons for the purpose of payment, investment and other forms of utility;<\/span><\/span><\/span><\/li>\n<li><span id=\"page23R_mcid17\" class=\"markedContent\"><span class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">applies cryptographic techniques; and<\/span><\/span><\/span><\/li>\n<li><span id=\"page23R_mcid17\" class=\"markedContent\"><span class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">uses distributed ledger technology.<\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\"><br \/>\n<\/span><\/span><\/span><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>On 19-10-2022, the Financial Sector Conduct Authority has declared crypto asset as a financial product under paragraph (h) of the definition of <\/p>\n","protected":false},"author":8808,"featured_media":276022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[19241,52476,42941],"class_list":["post-276019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates","tag-bitcoin","tag-financial-product","tag-south-africa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Africa declares crypto as financial product vide Financial Advisory and Intermediary Services Act, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Finance Act will be effective from 1st April 2022. Key Changes: Government adopts the following changes in direct and indirect taxes: Taxes on Individuals- Rates of Income Tax- Income-tax shall be charged at the rates\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-162.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":252577,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/12\/mca-amends-schedule-iii-of-companies-act\/","url_meta":{"origin":276019,"position":5},"title":"MCA amends schedule III of Companies Act on disclosure norms in financial statements","author":"Bhumika Indulia","date":"August 12, 2021","format":false,"excerpt":"On August 10, 2021, the Ministry of Corporate Affairs has stated various disclosures to be made by companies in their financial statements under the Schedule III of the Companies Act, 2013 effective from April 01, 2021 which were amended vide notification dated March 24, 2021. The new disclosures with respect\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-140.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-140.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-140.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-140.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-140.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/276019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=276019"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/276019\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/276022"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=276019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=276019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=276019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}