# summary

- Link: https://dearsouthafrica.co.za/fais/summary/
- Published: 2020-11-23T13:17:44+02:00
- Author: dearSA

[ Have your say on the declaration of crypto assets as a financial product](https://dearsouthafrica.co.za/fais/)

### MEDIA

 * [LISTEN] Dawie Roodt – [Why private monies such as bitcoin threaten not just banks, but the tax base](https://iono.fm/e/957484)

### DOWNLOAD DOCUMENTS

 * CAR WG – [Consultation paper on crypto assets](https://cdn.dearsouthafrica.co.za/wp-content/uploads/2020/11/20190838/CAR-WG-Consultation-paper-on-crypto-assets.pdf)
 * Notice of publication – [Draft Declaration of crypto assets as a financial product](https://cdn.dearsouthafrica.co.za/wp-content/uploads/2020/11/20190837/Notice-of-publication-Draft-Declaration-of-crypto-assets-as-a-financial-product.pdf)
 * [FSCA Statement](https://cdn.dearsouthafrica.co.za/wp-content/uploads/2020/11/20190837/Statement-supporting-the-draft-Declaration-of-crypto-assets-as-a-financial-product.pdf)

### SCHEDULE

**1. Definitions**

In this Schedule **“the Act” **means Financial Advisory and Intermediary Services
Act, 2002 (Act No. 37 of 2002), and any word or expression to which a meaning has
been assigned in the Act shall have the meaning so assigned to it, and –

**“crypto assets” **means any digital representation of value that can be digitally
traded, or transferred, and can be used for payment or investment purposes, but 
excluding digital representations of fiat currencies or securities that already 
fall within the definition of financial product.

**2. Declaration of crypto assets as a financial product**

The Authority hereby, in terms of paragraph (h) of the definition of financial product,
declare crypto assets as a financial product.

**3. Short title, commencement and transitional arrangements**

 1. This Declaration is called the Declaration of crypto assets as a financial product,
    2021.
 2. This Declaration comes into effect on the date of publication thereof on the website
    of the Authority.
 3. Despite subparagraph (2), any person who, immediately before the effective date
    of this Declaration, as a regular feature of the business of such person, renders
    financial services in relation to crypto assets –
 4.  * (a) must submit an application for authorisation as a financial services provider
       under section 8 of the Act within 4 months of the effective date of this Declaration;
       and
     * (b) may continue rendering financial services in relation to crypto assets until–
        - (i) the period to submit an application referred to item (a) has expired 
          without the person submitting an application; or
        - (ii) an application referred to in item (a) has been granted or declined.