South African Dispute Resolution Office Says It Considers Crypto-Related Complaints – Bitcoin News Regulation

South African Dispute Resolution Office Says It Considers Crypto-Related Complaints - Bitcoin News Regulation

According to South Africa’s FAIS Ombud Office, an independent dispute resolution office, individuals with complaints related to encryption that occurred after October 19, 2022, can formally submit such complaints on the agency’s website . However, the FAIS Ombud Office insisted that all complaints that occurred before crypto assets were designated as financial products will not be considered and should not be submitted again.

Code of Conduct for Crypto Asset Service Providers

The South African government agency responsible for investigating and resolving complaints in relation to the Financial Advisory and Mediation Services Act (FAIS) recently said it can now «investigate complaints against existing registered financial service providers who offers current money advice.” According to the agency, known as the FAIS Ombud Office, this is possible due to the recent designation of crypto assets as financial products.

In a news article published on its website, the dispute resolution agency said that crypto-related complaints can only be filed against registered financial service providers (FSPs) who must comply with the country’s General Code of Conduct for authorized FSPs. This code requires «relevant disclosure, needs analysis and recommending a product that is appropriate to the person’s needs and circumstances».

Only Three Complaints Filed

However, according to the statements of Thuso Ngwagwe of the agency published by Moneyweb, not all complaints lodged with the FAIS Ombud Office will be considered before the designation of crypto assets of the Financial Sector Transport Authority. In the report, Ngwagwe reiterated the agency’s assertion that it has no jurisdiction.

«This Office dismissed all complaints received before October 19, 2022 regarding investments made in cryptocurrency because we did not have jurisdiction to pay attention to these matters,» said Ngwagwe.

According to Ngwagwe, the Office of the FAIS Ombud received a total of eight complaints related to cryptocurrency during the 2022/23 financial year. However, only “three happened after October 19, 2022 and will [therefore] to consider.” The rest of the complaints will not be considered and cannot be resubmitted, Ngwagwe added.

For individuals with complaints that fall under its jurisdiction, the FAIS Ombud Office recommended visiting its portal and making a formal complaint.

Register your email here to receive a weekly update of African news delivered to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for informational purposes only. Not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

Enter email for news in PDF

Do not miss our latest news!

iWe don't spam! More information in our política de privacidad

Be the first to comment

Leave a Reply

Tu dirección de correo no será publicada.