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| Name | Fintech & Crypto Law |
| Video Uploader | Video From Caveat Legal |
| Upload Date | This Video Uploaded At 09-09-2022 21:02:35 |
| Video Discription | Because financial technology (fintech) is relatively new and has developed faster than lawmaking processes, and because the nuances of blockchain applications are varied, Fintech and Crypto Law covers a broad range of regulations, many of which were formulated before its existence. As such, it covers laws and regulations in the fields of financial services, ITC, exchange control and tax, and involves keeping abreast of these regulations as they change to adapt to it. Blockchain technology itself is advancing in major financial services institutions like banks and insurance companies, and the regulatory implications cross over a broad area of law. Also, crypto assets are soon to be deemed “financial products” under the applicable financial services regulations, imposing potential licensing obligations on those who work in the cryptocurrency investment space. Caveat’s Fintech and Crypto Law team is multi-disciplinary, and includes financial services, tax and technology law experts, which enables us to provide appropriate advice to cryptocurrency brokers, advisors, exchanges and platforms in this developing landscape. The fintech regulatory landscape is constantly evolving and could present first-mover fintech opportunities for those who keep up-to-date with these developments. We also expect major regulatory developments for crypto assets in the short-term and accordingly we advise crypto asset service providers to seek legal advice on charting their compliance strategy with these new regulations. Furthermore, we note that the law on tax of cryptocurrency is evolving. In South Africa, cryptocurrency is treated as both income (taxed on the revenue account as “gross income”) or taxed as capital gains tax depending on whether a receipt is revenue or capital in nature. Taxpayers are also entitled to claim expenses associated with crypto assets accruals or receipts, provided such expenditure is incurred in the production of the taxpayer’s income and for purposes of trade. Base cost adjustments can also be made if the receipt is treated as CGT. The South African Reserve Bank is also implementing exchange control regulations for crypto assets because of the high flow of crypto assets into/out of South Africa and the prevalence of crypto arbitrage funds and exchanges. We expect these excon regulations to be similar to the ones applied to fiat currency. Caveat is able to assist fintech providers in areas including: Blockchain Cryptocurrency Crowdfunding Decentralised Finance (DeFi) Decentralised Autonomous Organisations (DAOs) Financial Services Regulation Initial Coin Offerings (ICOs) Payment services RegTech Smart contracts We also provide regulatory advice, legal opinions and drafting of agreements in compliance with the regulatory framework currently applicable. [ElCB-9dZS0M] |
| Category | People & Blogs |
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