Around the world, governments are moving ahead to regulate crypto assets. The South African Reserve Bank (SARB) at first merely warned the public about the volatility of the crypto asset market, but regulators have now defined crypto as a financial asset under the Financial Advisory and Intermediary Services (Fais) Act.
The Financial Intelligence Centre Act (Fica) also applies.
The Fais Act, and in some respects other pieces of financial services legislation, were not built for the digital environment, so they are not a clean fit. It
