On Tuesday 18 October 2022 news broke that anyone giving advice on. or selling Cryptocurrency products in South Africa must be accredited with the FSCA as an FSP (Financial Service Provider) or representative of an FSP.

The FSCA will be creating a further subcategory for this license and will be setting out “fit and proper “requirements for this new subcategory and including it in the general code of conduct. Due to this they have provided an exemption period until 1 June 2023 for people currently advising and selling these products and MUST apply for a license between 1 June 2023 to November 2023.

See FSCA notice at https://www.rscnetwork.co.za/wp-content/uploads/2022/10/FSCA-Communication-30-of-2022-FAIS.pdf