It urges the public to be extremely cautious and vigilant when dealing with cryptos for any financial services business.
The FSCA said it would like to emphasise, crypto-related investments are not regulated by the authority or any other body in South Africa. 

As a result, if something goes wrong, consumers are not likely to get their money back and will have no recourse against anyone. The regulator said it is working at finding measures to regulate certain aspects and players in the crypto asset space. 

These measures will be rolled out during the coming months. 

The FSCA added that it is working with other members of the Intergovernmental Fintech Working Group to better understand and regulate appropriate crypto assets in South Africa.

Moneyweb