Among the institutions and entities that are set to be included in the list are persons 'exchanging a crypto asset for a fiat currency or vice versa.' regulation mediumofexchange
South African Government to Add Crypto Entities to 'List of Accountable Institutions'
According to the South African government, crypto entities — or businesses whose activities include the exchange or transfer of crypto assets — are set to be included in the list of so-called accountable institutions starting Dec. 19. Businesses that convert one crypto asset to another or that conduct transactions where a crypto asset is transferred “from one crypto asset address or account to another” will also be added.
Businesses that convert one crypto asset to another or that conduct transactions where a crypto asset is transferred “from one crypto asset address or account to another” will also be added. Persons or businesses offering custody services or those that issue crypto assets will be added to the list, the notice said.
Meanwhile, in the same government notice, the South African finance minister also outlines what constitutes a crypto asset from the government’s perspective. “Where crypto asset means a digital representation of perceived value that can be traded or transferred electronically within a community of users of the internet who consider it as a medium of exchange, unit of account or store of value and use it for payment or investment purposes, but does not include a digital representation of a fiat currency or a security as defined in the Financial Markets Act, 2012,” the notice explained.
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