South African Dispute Resolution Office says that it is now examining complaints related to cryptography - regulation

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According to the South African office of the Fais Ombud, an independent dispute settlement body, people with crypto -related complaints that occurred after October 19, 2022 can now officially submit such symptoms on the agency's website. However, the Fais-Ombudsman's office insisted that all complaints that were submitted as financial products before the designation of crypto-assets should not be taken into account and should not be submitted again.

Code of Conduct for crypto-asset service providers

The South African government agency, which is commissioned to investigate and solve symptoms in the sense of the Financial Advisory and Intermediary Services (FAIS) Act, recently said that they can now "investigate complaints against existing registered financial service providers, offer advice on cryptocurrencies". According to the agency, which is known as the Office of the Fais Ombud, the recent designation of crypto-assets has made it possible as financial products.

in a newspaper article Dispute settlement agency that crypto -related complaints can only be submitted against registered financial service providers (FSP) who have to adhere to the general Code of Conduct's Code of Conduct's Code for Authorized FSP. This code requires "essential disclosures, the implementation of a needs analysis and the recommendation of a product that meets your own needs and circumstances".

only three complaints submitted

According to the remarks by Thuso Ngwagwe of the agency published by Moneyweb, however, all complaints that are submitted to the Fais-Ombudsman's office will not be taken into account before the crypto assets class is shown by the Financial Sector Conduct Authority. In the report, Ngwagwe repeated the agency's claim that it was not responsible.

"All complaints received before October 19, 2022 in relation to investments in cryptocurrency were rejected by this office because we were not responsible for the treatment of these matters," said NGWAGWE.

According to NGWagwe, the Fais-Ombudsman's office received a total of eight complaints in connection with cryptocurrencies in the 20222/23 financial year. However, only three had occurred after October 19, 2022 and will be considered. " The rest of the symptoms are not taken into account and cannot be submitted again, NGWAGWE added.

People with symptoms that fall within their area of ​​responsibility advises to visit the Fais-Ombudsman's office to visit his portal and to submit a formal complaint.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.












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