South Africa Classifies Crypto Assets as Financial Products

The Financial Sector Conduct Authority of South Africa has issued a notice to classify encrypted assets as financial products with immediate effect. It defines encrypted assets as "digital representations of value" that are not issued by a central bank but can be traded, transferred, or stored electronically "for payment, investment, and other forms of utility" to make digital assets more secure. Many places fall under the purview of South African regulators.