Regulatory Alerts2022-10-19
FSCA Communication 30 of 2022: Declaration of Crypto Assets as Financial Products and Exemptions
The Financial Sector Conduct Authority (FSCA) has formally declared crypto assets as financial products under the FAIS Act and published accompanying exemption notices. Existing crypto asset financial service providers must apply for licenses between 1 June and 30 November 2023, while a general exemption allows qualifying participants to operate without immediate licensing during the transition. A parallel draft exemption relieves licensed crypto asset providers from specific conduct and fit-and-proper requirements, with public submissions due by 1 December 2022, while crypto asset derivatives remain subject to existing financial markets regulations.
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