An announcement published on Wednesday, October 19, 2022 announces that South Africa's financial supervisory body has classified cryptocurrencies among financial products in order to regulate them .

The Financial Sector Conduct Authority (FSCA) said in the brief notice that a crypto asset, which it refers to as “a digital representation of the Value”, must be regulated in South Africa from the date of publication. The regulations they planned to introduce according to the authorities include the application of foreign exchange controls and the licensing of crypto trading companies.

Indeed, crypto assets can be traded, transferred, or stored electronically, but they are not issued by a central bank.

According to the note by Brent Petersen of Easy Crypto, a platform for buying and selling cryptocurrencies, “This was the first legal step that was necessary to bring the crypto asset industry into the South African legal framework.”