Category: financial product

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Bitcoin ETFs Enable the ‘Mass Marketing’ of a Worthless Asset to Main Street Americans, Says Better Markets

January 12, 2024

An independent nonprofit organization said the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds has enabled the “mass marketing of a known worthless, volatile, and fraud-filled financial product to Main Street Americans.” The organization claimed that bitcoin proponents will likely portray the approval as some kind of government endorsement of cryptocurrencies. Large…
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South African Crypto Premium Surge After Kraken Abruptly Starts Blocking Deposits by Local Residents

August 31, 2023

The premium on crypto assets listed on South African exchanges briefly surged to 3.5% after Kraken’s abruptly started blocking deposits from users based in the African country. Some South African crypto experts have linked Kraken’s decision to the Financial Action Task Force’s recent addition of the African country to its greylist. Impact of the FATF’s…
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South African Retailer Pick n Pay Now Accepting Payments via BTC at All Its Stores

February 3, 2023

Pick n Pay, one of South Africa’s leading retailers, reportedly now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, Pick n Pay’s customers can now buy items such as groceries, airtime and electricity tokens. Using BTC for Everyday Purchases Just a few months after it began accepting…
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South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints

January 24, 2023

According to South Africa’s Office of the FAIS Ombud, an independent dispute resolution office, individuals with crypto-related grievances that occurred after Oct. 19, 2022, can now formally submit such complaints on the agency’s website. However, the Office of the FAIS Ombud insisted that all complaints that occurred before crypto assets were designated financial products will…
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South African Financial Sector Regulator Declares Crypto Assets a Financial Product

October 20, 2022

According to a general notice published in a government gazette, crypto assets are now treated as financial products under South Africa’s Financial Advisory and Intermediary Services (FAIS) Act. Declaration of the crypto assets as financial products means crypto asset service providers (CASP), such as exchanges, must apply for a license. Declaration Applicable to Any Digital…
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