Crypto will now be regulated in SA - with fines or jail time for offenders

Those who want to invest in crypto assets in South Africa can now enjoy the same level of protection afforded to those putting their money in unit trusts, retirement funds, and other investment products regulated under the Financial Advisory and Intermediary Services Act (FAIS).

This comes after the financial sector regulator opted to treat crypto assets as financial assets.

"The level of protection now is exactly the same because we are applying the existing [FAIS] framework," said the Financial Sector Conduct Authority's (FSCA) head of regulatory framework, Eugene du Toit, on Thursday.