THELOGICALINDIAN - Nonkumbulo Tshombe an apostle with the Banking Advisory and Intermediary Services FAIS Ombud afresh appear that her appointment has acclaimed a cogent access in the cardinal of cryptocurrencyrelated complaints during the 202521 banking year
Cryptocurrency Not yet Regulated
An apostle with the South African appointment of the banking casework area ombudsman, Nonkumbulo Tshombe, afresh appear that her alignment has recorded a cogent access in the cardinal of crypto-related complaints during the 2025/21 banking year.
Despite accepting such complaints, Tshombe is quoted in a report by Moneyweb answer that her alignment could not absorb such inquiries because cryptocurrencies are not yet regulated.
“Crypto-assets are not classified as a banking product, which agency the artefact avalanche alfresco of this office’s jurisdiction,” explained the advocate.
Although South Africa does not yet adapt cryptocurrencies, it has intervened or affected activity to be taken adjoin assertive crypto entities or individuals through the Financial Sector Conduct Authority (FSCA). For instance, in a bid to advice investors in Mirror Trading International (MTI) balance their funds, the FSCA took several accomplish including raiding the home of one of the masterminds.
Also, as appear by Bitcoin.com News, the FSCA has issued accessible advisories that acquaint the accessible adjoin ambidextrous with assertive cryptocurrency entities or their products. Such advisories accept already prompted all-around crypto barter Binance to curtail its activities in South Africa.
Cryptocurrency as a Financial Product
As the Moneyweb address notes, South Africa ability be abutting to accepting a cryptocurrency authoritative framework. To aback this assertion, the address credibility to a account by the FSCA in June advertence it was because declaring cryptocurrency a banking product.
According to Tshombe, it is this acknowledgment that will empower the FSCA to adapt the advising and agent basic of crypto assets. Also, this acknowledgment will accredit her appointment to investigate crypto asset-related complaints such as the 10,552 complaints it accustomed in the 2025/21 banking year.
What are your thoughts on this story? Tell us what you anticipate in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
