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Crypto Assets in South Africa Would Be Considered Financial Products Under Regulator Proposal

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Cryptocurrency assets would be treated like financial products under South Africa’s Financial Advisory and Intermediary Services (FAIS) Act, under a draft declaration by a financial regulator.

“The Declaration would have the effect that any person furnishing advice or rendering intermediary services in relation to crypto assets must be authorised under the FAIS Act as a financial services provider, and must comply with the requirements of the FAIS Act,” wrote the Financial Sector Conduct Authority (FSCA), which is seeking comment on the proposal. “This will include crypto asset exchanges and platforms, as well as brokers and advisors.”

How each country treats cryptocurrency has major implications for which regulators oversee crypto activities and what licenses companies have to pursue. In January 2019, the country’s central bank published a paper saying that regulatory action on crypto assets needed to be prioritized to protect consumers. 

The regulator also said that the declaration could improve disclosures about the risks of crypto assets to customers looking to invest. The draft doesn’t impact “the status of crypto assets in the context of other laws such as exchange control regulations, requirements under the Pension Fund Act and Collective Investment Schemes Act and so forth, nor does it attempt to regulate, [legitimize] or give credence to crypto assets,” the regulator wrote.

The draft will serve as an “interim step” between more developments from the country’s Crypto Assets Regulatory Working Group which will impact future crypto policies in South Africa. 

The FSCA is asking interested parties to submit comments on the draft declaration by Jan. 28, 2021.



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Brian Armstrong, CEO of Coinbase, Enters World’s 500 Richest People

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Upcoming Coinbase’s Nasdaq listing is considered to become one of the largest in the world which will help to put cryptocurrencies in the mainstream.

Coinbase CEO Brian Armstrong has become one of the richest men in the world, entering the world’s 500 richest people, with a net worth of approximately $15 billion, according to Bloomberg’s Billionaire Index.

Armstrong was paid $60M in compensations in 2020. However, what catapulted his net worth —and making him a billionaire— is that his company recently filed with the Securities and Exchange Commission (SEC) for a direct listing on the Nasdaq.

Coinbase CEO Armstrong Outranking Other CEOs

The wealth index estimates suggest that Armstrong is now richer than other famous CEOs, including Snap Inc CEO Evan Spiegel and Twitter’s Jack Dorsey —who recently purchased $170M worth of Bitcoin with his other company, the financial service platform Square.

Armstrong’s funds are mostly held in crypto-assets, which is why his net worth is subject to the inherent volatility of the crypto market. The CEO is now worth between $7 to $15 billion, depending on price swings in the market. However, this is enough to be considered one of the richest men in the world.

Coinbase’s Nasdaq Listing

Coinbase’s Nasdaq listing is considered to be one of the largest in the world, putting cryptocurrencies in the mainstream again. According to Bloomberg, the company soared over $100 billion in value followed by recent private shares. In a note included in the SEC filing, Armstrong stated:

“Trading and speculation were the first major use cases to take off in cryptocurrency, just like people rushed to buy domain names in the early days of the internet. But we’re now seeing cryptocurrency evolve into something much more important.”

While Coinbase saw substantial losses in 2019, it recovered in 2020, when the demand for cryptos started considering a greater institutional demand for digital assets. In August 2020, Paypal decided to allow cryptocurrency custody, and other companies would soon start embracing crypto-assets. This is how Coinbase’s user base and trading volumes increased considerably by the end of the year.

The company revealed it now holds over 40 million active traders on its database. The demand for crypto grew considerably, and the company executed at least $456B in trading volumes last December.

Coinbase could become one of the largest listings since Facebook Inc IPO. Accordingly, Coinbase reached a net income of $322 million last year. Likewise, the company reported locking a total revenue of $1.3B, a considerable growth from 2019, when it lost almost $30.4M.

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I’m a finance journalist and copywriter with a keen interest in the fintech field. I have keen on blockchain technology and cryptocurrency and I believe it can reshape the way we see money and financial freedom.



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NBA Top Shot Records $1.05M with New Release

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Dapper Lab’s NBA Top Shot is on its way to be the lead in the whole digital collectible ecosystem.

Dapper Labs’ surging project NBA Top Shot, has just let out its complete and most expected NFT. According to the release, the complete NFT gives out 10,631 video packs. Top Shot’s release packs contain basketball videos pin to the Flow blockchain for an income record of over 1 million dollars.

Head of Dapper Labs, Roham Gharegozlou, per reports stated that the website has in the last month received about 50 million dollars in trades with some instances that see several top players resold for quite a considerable amount. As a result, the new Top Shot pack “moment” has been surprisingly huge.

The Top shot project established just a few months ago but has made tremendous success, thus skyrocketing as the project gets hype from major NBA league stars and the trades’ massive involvement. The website is also gradually becoming a further step for the blockchain space.

Generally, the income of the project’s latest video pack has soared to a whopping 7.38 million dollars, and as per a sourced data, we will see more income as demands grow high. According to data, NBA Top Shot’s most giant sales come in by the recently release pack that’s at its best has more than 200k optimistic collectors in a queue for packs of coded NBA videos.

CEO Roham Gharegozlou added that there might be small challenges, yet they are on the right path to becoming the fastest soaring market. The platform has faced significant challenges in keeping up with high demands. The company’s recently released pack was at least twice delayed, with new sign-ins taking off they try to have a grip on the extensive work and cause the beta platform on a comparatively smooth rollout.

Many league top players and owners have shown much excitement in the project. The Dallas Mavericks owner Mark Cuban finds this new release incredible, saying, Top Shot’s “moment” is the next big thing.

NFT distribution shows no indication of cooling down anytime from now. Developing on Dapper’s in-house Flow blockchain, the project has bloomed in mainstream sports culture.

Dapper Lab’s NBA Top Shot is on its way to be the lead in the whole digital collectible ecosystem. The new released Top Shot “moments” have, in particular, made its raid statement with Flow gardens and moving to the OpenSea space amidst ETH-based NFTs.

In conclusion, it’s worth mentioning that the project is all about basketball and not about cryptocurrency in any way.

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Experienced Writer with a demonstrated history of working in the financial services and the technology industry.



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DeFi Alliance Announces New Investment Fund to Fuel Growth in DeFi Space

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The newly launched DeFi Alliance Fund aims to help early-stage DeFi startups by offering them financial and regulatory guidance as well as helping them connect with institutional players to fuel growth.

The crypto DeFi market has seen explosive growth this year in 2021 surging more than 350% year-to-date. As the DeFi projects continue to gain strength, big players are coming together to take the industry further. To fuel the growth of DeFi space further, investors and DeFi experts have announced a proactive collaboration thereby announcing the first DeFi Alliance Fund. The DeFi Alliance came into existence with some of the big industry players joining hands. Popular personalities from the DeFi space like Aave‘s Stani Kulechov and Compound Finance’s Robert Lashner are part of the alliance.

The DeFi Alliance has more than 60 member companies and over 28 DeFi projects including dYdX, 0x, Kyber Network, IDEX, Synthetix, and much more. The newly announced DeFi Alliance Fund I has been seeded by Alliance members, its founding members, as well as popular investors like Mark Cuban. These players have raised an initial corpus of $15 million.

The official announcement further notes:

“The fund is designed to be collaborative and distribute capital broadly across the DeFi startup ecosystem and adjacent industries (such as NFTs). We will invest in several dozen early stage startups each year, which will allow the DeFi Alliance to formalize and fuel our accelerator program. We will distribute capital across the DeFi and adjacent industries (such as NFTs) investing in several dozen startups each year.”

DeFi Alliance Fund: Growth Plans for 2025

The DeFi Alliance has set some major goals and targets itself for the next five years. The Alliance plans to have over one billion users globally directly associated with the DeFi developments.

The latest funding introduced will help the alliance members to further formalize and fuel its accelerator program. This will thus provide necessary resources to DeFi startups to build, deploy, and grow their platforms. Besides, the alliance also plans to offer DeFi-focused ‘tracks’ in addition to the existing ones.

This will provide startups additional assistance with regulations, institutional liquidity, recruiting, and growth. These new ‘tracks’ will be specifically for Asian DeFi startups, NFTs, and other institutional educational platforms. Synthetix founder Kain Warwick has acknowledged this new financial support for DeFi startups. He wrote:

“Being part of the first cohort had such a huge impact for us, helping for several key strategic partnerships that wouldn’t have happened otherwise. The impact they have on early stage projects is even larger. Excited to see all the new projects they fund”.

Other news of the crypto-related world can be found here.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





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