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FSCA FAIS Notice 76 of 2024: Amendment of the Exemption of Persons rendering a Financial Service in relation to Crypto Assets from Certain Requirements, 2024

Authority: Financial Sector Conduct Authority (FSCA), South AfricaFirst published: View the official source

AI summary

Issued under paragraph 5(2)(a) of the 2023 crypto-asset exemption, this notice amends paragraph 2 of the Schedule to that exemption. It must be read together with FAIS Notice 25 of 2023 and applies to persons relying on the crypto-asset exemption or pursuing licensing under that framework.

FSPs, key individuals and representatives relying on the 2023 crypto-asset exemption should re-check the applicable conditions and ensure compliance, qualification and insurance arrangements reflect the 2024 amendment.

Who this applies to: Crypto-asset FSPs, key individuals, representatives, compliance and legal teams

Implementation status: Official legal text; commencement and effect remain subject to the official gazette and later amendments

  • Officially amends paragraph 2 of the Schedule to the 2023 crypto-asset exemption
  • Applies together with FAIS Notice 25 of 2023
  • Requires updated exemption analysis and evidence retention

1

FSCA FAIS Notice 76 of 2024 FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT, 2002

AMENDMENT OF EXEMPTION OF PERSONS RENDERING A FINANCIAL SERVICE IN RELATION TO CRYPTO ASSETS FROM CERTAIN REQUIREMENTS, 2024

The Financial Sector Conduct Authority (“FSCA”), in terms of paragraph 5(2)(a) of the Exemption of Persons rendering a Financial Service in relation to Crypto Assets from Certain Requirements, 2023, hereby amends paragraph 2 of the Schedule to that Exemption by the substitution of subparagraph (2) of the following subparagraph:

“(b) A Crypto Asset FSP and its key individuals are exempted from Part 4 of Chapter 3 of the Determination until 30 June 2025.”

This Notice is called the Amendment of the Exemption of Persons rendering a Financial Service in relation to Crypto Assets from Certain Requirements, 2024 and takes effect on the date of publication.

KATHERINE GIBSON DEPUTY COMMISSIONER FINANCIAL SECTOR CONDUCT AUTHORITY

Date of publication: 8 November 2024

Official South African legal or regulatory source text captured from the cited Government Gazette, FSCA or SAFLII source.

Sources