Summary
South Africa is regulating crypto assets as financial products and registering service providers. This year, stablecoins will be recognized as a specific type of crypto asset. Stablecoins are digital assets tied to the value of assets like the U.S. dollar.
Key Points
1. South Africa’s Financial Sector Conduct Authority and Financial Intelligence Centre have declared crypto to be a financial product and started registering crypto asset service providers.
2. This year, South Africa will add stablecoins as a particular type of crypto, according to the Treasury department’s budget paper.
3. Stablecoins are digital assets whose value is tied to assets like the U.S. dollar.