• South Africa’s Office of the FAIS Ombud has announced that individuals with crypto-related grievances that occurred after Oct. 19, 2022, can now submit such complaints on the agency’s website.
• The agency has said that crypto-related complaints can only be filed against registered financial service providers who must adhere to the country’s General Code of Conduct for authorized FSPs.
• The Office of the FAIS Ombud has made clear that complaints lodged with the agency prior to the Financial Sector Conduct Authority’s crypto asset designation will not be considered, as the agency lacks jurisdiction.
The South African Office of the FAIS Ombud, an independent dispute resolution office, has recently announced that individuals with crypto-related grievances that occurred after the 19th of October 2022 can now submit such complaints on the agency’s website. This announcement comes as the South African government has designated crypto assets as financial products.
The Office of the FAIS Ombud has stated that crypto-related complaints can only be filed against registered financial service providers who must adhere to the country’s General Code of Conduct for authorized FSPs. This code requires „material disclosures, conducting a needs analysis and recommending a product that is appropriate to one’s needs and circumstances.“ The Office of the FAIS Ombud has also made clear that complaints lodged with the agency prior to the Financial Sector Conduct Authority’s crypto asset designation will not be considered, as the agency lacks jurisdiction.
This announcement by the Office of the FAIS Ombud is important, as it provides individuals with the opportunity to resolve crypto-related grievances in a legal and secure manner. It is also a step forward in the development of the crypto-sphere in South Africa, and a sign that the country is beginning to recognize and accept the use of cryptocurrencies.
The Office of the FAIS Ombud has said that all complaints must be submitted through their website, and will be reviewed on a case-by-case basis. They have also encouraged individuals to provide as much information as possible about their grievance in order to ensure that the process is as efficient and effective as possible.
Overall, the announcement of the Office of the FAIS Ombud is a positive step forward for the crypto-sphere in South Africa. It provides individuals with the opportunity to resolve crypto-related grievances in a secure and legal manner, and is a sign that the South African government is beginning to recognize and accept the use of cryptocurrencies.