under section 1 of the Financial Advisory and Intermediary Services Act . Every cryptocurrency service provider must be authorized by the FAIS to operate its business in the sector and apply for such a license. Existing providers must apply before the end of 2023.
Government officials say crypto laws in South Africa and a suitable regulatory framework were necessary to protect investors and ensure the sector's stability. Due to extreme volatility and cyber threats in the industry, individuals and businesses investing in cryptocurrencies are advised to stay informed about regulatory developments and exercise caution when dealing with cryptocurrency assets.are now also regulated in South Africa.
cryptocurrency an intangible asset for tax purposes, and any gains from buying and selling cryptocurrencies are subject to tax.