The Financial Sector Conduct Authority (FSCA) has published for comment a draft declaration on crypto assets as a financial product in terms of the Financial Advisory and Intermediary Services Act of 2002 (FAIS). The FSCA also published a statement in support of the draft declaration, with the underlying basis of both stemming from the urgent need for improved disclosures to customers that highlight the increased risks involved in investing in crypto assets and to ensure that a more robust advice process is adopted (including proper risk assessments) when intermediaries advise customers to buy crypto assets.
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