You can also listen to this podcast on iono.fm here. ADVERTISEMENT CONTINUE READING BELOW JIMMY MOYAHA: Crypto asset service providers have been in the news of late. We’ve heard that the FSCA has recently approved around 59 Casps , as they are being referred to. This is essentially the latest in licensing efforts from the FSCA to better regulate our financial services space, and in particular, regulate the crypto space.
JIMMY MOYAHA: Mike, we’ve been seeing a growing number of retail investors and even institutional investors dabbling in the crypto space. We expect that in South Africa, in particular, cryptos are going to be such a big part of the investment or the speculative side of things going forward. JIMMY MOYAHA: Mike, let’s look at the benefits of now being Casp-regulated or being regarded as a Casp in the market space. We’ve seen that in the past products like crypto CFDs have been offered by brokers. Recently we saw the SEC approve crypto ETFs, but until now have a specific regulation for Casp licensing in South Africa.
It doesn’t need to be a derivative. You can add that from a discretionary portfolio, a non-discretionary portfolio. You can hold that now in the cash market in your account. So that is a massive step, especially from South Africa’s point of view on cryptos.
We’ve seen a lot of queries and demand for these products to be added. So this is a significant step, correct. MICHAEL PORTER: You see, the thing is that obviously you get a whole different sphere of coins that are not necessarily just bitcoin or Ethereum or your main coins, and that’s where the alternative coins or what they would the meme coins actually come in. From an intermediary and a non-discretionary side, we can offer whatever the client needs.