South African digital asset investors can now file complaints with virtual asset service providers (VASPs) with the country’s financial dispute resolution office.
The Office of the Ombud for Financial Service Providers (FAIS) announced this week that it now has jurisdiction over the industry. This follows the Financial Sector Conduct Authority (FSCA)’s declaration in October that digital assets now fall under the financial products category. As CoinGeek reported, this was the first time Bitcoin has been legally recognized in the country and opened the industry up to regulations applied to traditional finance.
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