Public Compliance Communications 28
PCC 57 - Guidance on the interpretation of crypto asset service providers
Accordingly, guidance provided by the Centre is authoritative in nature and must be taken into account when interpreting the provisions of the FIC Act or assessing compliance of an accountable or reporting institutions with their obligations as imposed on it by the FIC Act. (page 3)
This public compliance communication cross-references 2 linked laws.
Relationships in
Cross-references
Low confidencePCC 57 - Guidance on the interpretation of crypto asset service providers
"Refer to PCC 57 which sets out additional guidance on counterpart CASPs."
Read together with
Low confidencePCC 57 - Guidance on the interpretation of crypto asset service providers
"Directive 9 and this PCC should be read together with PCC 57 which provides guidance on the interpretation of item 22 of Schedule 1 to the FIC Act, and PCC 44A which provides guidance on targeted financial sanctions."
Relationships out
Cross-references
Low confidence
Document
FIC
Financial Intelligence Centre
PUBLIC COMPLIANCE COMMUNICATION
No. 57
GUIDANCE ON THE INTERPRETATION OF CRYPTO ASSET SERVICE PROVIDERS, ITEM 22 OF SCHEDULE 1 TO THE FINANCIAL INTELLIGENCE CENTRE ACT, 2001 (ACT 38 OF 2001) AND POTENTIAL RISK INDICATORS
Public Compliance Communication 57 guidance on the definition regarding crypto asset service providers in terms of Schedule 1 of the Financial Intelligence Centre Act.
Page 2 of 17
PCC SUMMARY
A crypto asset service provider (CASP) is listed in item 22 of Schedule 1 to the Financial Intelligence Centre Act, 2001 (Act 38 of 2001) (FIC Act) as “A person who carries on the business of one or more of the following activities or operations for or on behalf of a client: (a) exchanging a crypto asset for a fiat currency or vice versa; (b) exchanging one form of crypto asset for another; (c) conducting a transaction that transfers a crypto asset from one crypto asset address or account to another; (d) safekeeping or administration of a crypto asset or an instrument enabling control over a crypto asset; and (e) participation in and provision of financial services related to an issuer’s offer or sale of a crypto asse, where “crypto” means a digital representation of perceived value that can be traded or transferred electronically within a community of users of the internet who consider it as a medium of exchange, unit of account or store of value and use it for payment or investment purposes, but does not include a digital representation of a fiat currency or a security as defined in the Financial Markets Act, 2012 (Act 19 of 2012).”