The Financial Sector Conduct Authority now classifies digital assets as digital representations of value built on DLT, the first step towards bringing digital currencies under the country’s laws.
The FSCA said it has tried to contact FTX on the issue to no avail, but CEO Sam Bankman-Fried refuted the claims and said he wants to work with the regulator.
The country’s top financial regulator believes that while they don’t pose systemic risk, digital currencies are still a risky sector for retail investors.
The Financial Sector Conduct Authority said it’s receiving a large number of complaints from South African investors who have lost their savings through digital currency scams.
