{"id":232564,"date":"2022-07-27T18:46:35","date_gmt":"2022-07-27T16:46:35","guid":{"rendered":"https:\/\/mypr.co.za\/?p=119020"},"modified":"2022-07-27T18:46:35","modified_gmt":"2022-07-27T16:46:35","slug":"the-south-african-reserve-bank-sarb-announces-its-intention-to-declare-cryptocurrency-as-a-financial-product","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/the-south-african-reserve-bank-sarb-announces-its-intention-to-declare-cryptocurrency-as-a-financial-product\/","title":{"rendered":"The South African Reserve Bank (SARB) announces its intention to declare cryptocurrency as a financial product"},"content":{"rendered":"<aside class=\"scaip scaip-1 \">\n<aside id=\"republication_tracker_tool-2\" class=\"republication_tracker_tool clearfix\">\n<h5 class=\"adtitle\">Republish for Free<\/h5>\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license noopener\" target=\"_blank\" href=\"http:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img decoding=\"async\" alt=\"Creative Commons License\" class=\"lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/07\/the-south-african-reserve-bank-sarb-announces-its-intention-to-declare-cryptocurrency-as-a-financial-product.png\"><\/a><\/p>\n<p><img decoding=\"async\" alt=\"Creative Commons License\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/07\/the-south-african-reserve-bank-sarb-announces-its-intention-to-declare-cryptocurrency-as-a-financial-product.png\"><\/div>\n<div class=\"message\">\n<p>Republish our articles for free, online or in print, under a Creative Commons license.<\/p>\n<\/div>\n<\/aside>\n<\/aside>\n<p><i><span>By Kenrick Newport, National Manager, Succession Planning at Capital Legacy<\/span><\/i><\/p>\n<p><span>The South African Reserve Bank (SARB) recently announced its intention to declare cryptocurrency as a financial product, which is in line with current worldwide trends as well as the Financial Sector Conduct Authority (FSCA) which published a draft declaration of crypto assets as financial products in 2020.<\/span><\/p>\n<p><span>Essentially SARB will regulate cryptocurrency by introducing new regulations around trading cryptocurrency in South Africa within the next 12-18 months. Declaring cryptocurrencies as a financial product means that providers will have to be regarded as accountable institutions under the Financial Intelligence Centre Act, 2001 (FICA) and accordingly will have statutory reporting and monitoring obligations and therefore fall under the purview of the Financial Intelligence Centre (FIC) and be monitored for money laundering, tax evasion, and terrorist financing activities. In addition, being declared as a financial product will mean providers will also fall under the ambit of the Financial Advisory and Intermediary Services Act, 2002 (FAIS), requiring crypto asset service providers to register for financial services provider licenses under FAIS.<\/span><\/p>\n<p><span>SARB then further plans to develop a regulatory framework for the exchanges in South Africa to allow for a crypto listing, which would include traditional banking regulations such as Know Your Customer (KYC) rules and exchange control regulations in respect of reforms to the application of the foreign exchange controls on the export and import of cryptocurrency to and from South Africa.<\/span><\/p>\n<p><span>Ken Newport is the National Manager of Succession Planning at <\/span><a href=\"https:\/\/www.capitallegacy.co.za\/\"><span>Capital Legacy<\/span><\/a><span>, SA\u2019s #1 <\/span><a href=\"https:\/\/www.capitallegacy.co.za\/will-drafting-service\/\"><span>Wills<\/span><\/a><span> and <\/span><a href=\"https:\/\/www.capitallegacy.co.za\/deceased-estate-administration\/\"><span>Estates<\/span><\/a><span> Specialists.<\/span><\/p>\n<p><span>Capital Legacy offers <\/span><a href=\"https:\/\/www.capitallegacy.co.za\/will-drafting-service\/\"><span>Wills<\/span><\/a><span>, <\/span><a href=\"https:\/\/www.capitallegacy.co.za\/deceased-estate-administration\/\"><span>Estate Planning<\/span><\/a>,<span> and Life Insurance products in South Africa. Get a Free consultation!<\/span><\/p>\n<p><span>Capital Legacy has grown to become the single largest provider of <\/span><a href=\"https:\/\/www.capitallegacy.co.za\/contact-us\/\"><span>Last wills and Testaments<\/span><\/a><span> in South Africa with more than 185 000 clients.<\/span><\/p>\n<p><span>This article was first published at <\/span><a href=\"https:\/\/www.capitallegacy.co.za\/the-south-african-reserve-bank-sarb-announces-intention-to-declare-cryptocurrency-as-a-financial-product\/\"><span>https:\/\/www.capitallegacy.co.za\/the-south-african-reserve-bank-sarb-announces-intention-to-declare-cryptocurrency-as-a-financial-product\/<\/span><\/a><\/p>\n<p><strong>Video:<\/strong> The South African Reserve Bank (SARB) announces its intention to declare cryptocurrency as a financial product<\/p>\n<p><strong>More Info on The South African Reserve Bank (SARB) announces its intention to declare cryptocurrency as a financial product here:<\/strong> <a href=\"https:\/\/www.capitallegacy.co.za\/the-south-african-reserve-bank-sarb-announces-intention-to-declare-cryptocurrency-as-a-financial-product\/\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.capitallegacy.co.za\/the-south-african-reserve-bank-sarb-announces-intention-to-declare-cryptocurrency-as-a-financial-product\/<\/a><br \/><strong>Twitter<\/strong>: <a href=\"https:\/\/twitter.com\/topclickmediasa\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/twitter.com\/topclickmediasa<\/a><br \/><strong>Facebook<\/strong>: <a href=\"https:\/\/www.facebook.com\/topclickmediaSA\/\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.facebook.com\/topclickmediaSA\/<\/a><\/p>\n<p><a href=\"http:\/\/mypr.co.za\/save-with-myprs-monthly-flat-fee\/\">CLICK HERE to submit your press release to MyPR.co.za<\/a>.<\/p>\n<p> <span class=\"post-views-icon dashicons dashicons-chart-bar\"><\/span> <span class=\"post-views-label\">Press Release Views:<\/span> <span class=\"post-views-count\">108<\/span> <\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/the-south-african-reserve-bank-sarb-announces-its-intention-to-declare-cryptocurrency-as-a-financial-product\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republish for Free Republish This Story Republish our articles for free, online or in print, under a Creative Commons license. By Kenrick Newport, National Manager, Succession Planning at Capital Legacy The South African Reserve Bank (SARB) recently announced its intention to declare cryptocurrency as a financial product, which is in line with current worldwide trends [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":232565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3332,9021,3336,1],"tags":[3257],"class_list":{"0":"post-232564","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-johannesburg-south-africa","8":"category-mypr","9":"category-pretoria-south-africa","10":"category-south-africa","11":"tag-mypr","12":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/07\/the-south-african-reserve-bank-sarb-announces-its-intention-to-declare-cryptocurrency-as-a-financial-product.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/232564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=232564"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/232564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/232565"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=232564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=232564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=232564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}