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South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints

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South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints

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

Code of Conduct for Crypto Asset Service Providers

The South African government agency charged with investigating and resolving complaints in terms of the Financial Advisory and Intermediary Services (FAIS) Act recently said it can now “investigate complaints against existing registered financial service providers who offer advice on cryptocurrency.” According to the agency, which is known as the Office of the FAIS Ombud, the recent designation of crypto assets as financial products has made this possible.

In a news article published on its website, the dispute resolution agency said crypto-related complaints can only be filed against registered financial service providers (FSP) 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.”

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Only Three Complaints Filed

However, according to the remarks by the agency’s Thuso Ngwagwe published by Moneyweb, all complaints lodged with the Office of the FAIS Ombud prior to the Financial Sector Conduct Authority’s crypto asset designation will not be considered. In the report, Ngwagwe reiterated the agency’s assertion that it lacks jurisdiction.

“All complaints received prior to 19 October 2022 in respect of investments made into cryptocurrency were dismissed by this Office as we did not have jurisdiction to entertain these matters,” Ngwagwe reportedly said.

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

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

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com 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 of or reliance on any content, goods or services mentioned in this article.

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amendments

Kazakhstan Launches Consultation On Proposals To Improve Crypto Trading

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Kazakhstan Launches Consultation On Proposals To Improve Crypto Trading

Financial authorities in Kazakhstan are starting a public consultation on draft changes to the country’s framework for digital-asset trading. The proposals include measures to reduce risks in the crypto market and improvements to the structure of exchange platforms.

Kazakhstan’s Financial Hub Seeks to Amend Its Concept for Trading Digital Assets

The Astana Financial Services Authority, the body that oversees the Astana International Financial Center (AIFC), has published a consultation paper detailing proposals aimed at upgrading Kazakhstan’s regulated ecosystem for cryptocurrency operations.

The document suggests measures to reduce market risks in the government-controlled trading environment. The regulatory body has also prepared solutions to improve the current structure of the crypto platforms working out of the Central Asian nation’s financial hub.

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Residents of the AIFC, as well as other interested parties, have been invited to participate in the consultation, the crypto news outlet Forklog reported, quoting the announcement. The managing authority will accept public feedback until Feb. 25.

The approved proposals will be added to the draft amendments to the AIFC Digital Assets Trading Concept expected to be released later this year. Among them are mechanisms to prevent market abuse, limit settlement risks and disclose information to investors.

The initiative comes after the parliament in Nur-Sultan adopted a bill devoted to regulating the country’s crypto space. Along with other legal acts, the law “On Digital Assets in the Republic of Kazakhstan” introduces rules for the mining and circulation of cryptocurrencies.

The legislation also envisages the establishment of a licensing regime for crypto miners and exchanges to replace the existing registration system. Kazakhstan became a mining hotspot following China’s crackdown on the industry and has been looking to regulate the sector and the sale of minted coins.

The influx of miners was blamed for the country’s growing power deficit and authorities have been cracking down on unauthorized crypto farms. They have also taken down a number of illegal crypto trading platforms as only exchanges registered at the AIFC are allowed to provide such services.

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amendments, consultation, Crypto, crypto assets, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Digital Assets, Exchange, Exchanges, Kazakhstan, Law, Laws, licensing, Miners, mining, paper, Proposals, registration, Regulation, Regulations, trading

Do you think Kazakhstan takes steps to expand its legal framework for digital assets in order to become a regional crypto hub? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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$997.53 million

NFT Sales Soar: January 2023 Reaches Nearly $1 Billion In 30 Days With 41% Increase

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NFT Sales Soar: January 2023 Reaches Nearly $1 Billion In 30 Days With 41% Increase

Non-fungible token (NFT) sales increased 41.96% from the previous month, according to data recorded on Feb. 1, 2023. NFT sales reached nearly $1 billion in 30 days, with an approximate total of $997.53 million. Additionally, the number of digital collectible transactions rose more than 22% in the past month.

Bored Ape Yacht Club Dominates, Ethereum Leads With 78% of Total NFT Sales in January 2023

NFT sales mirrored those of crypto assets in January 2023, reaching $997.53 million, a 41.96% increase from December 2022. Data from cryptoslam.io shows that out of 20 blockchain networks, Ethereum led NFT sales with $784.87 million, or 78.681% of the total for the month.

Solana followed with $150.4 million in NFT sales over the last 30 days, accounting for 15.07% of the total. The other top five blockchain networks in terms of NFT sales are Cardano, Immutable X, and Polygon, respectively.

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Top 10 NFT collections in terms of 30-day sales in January and the top 10 blockchains by sales volume, according to data from cryptoslam.io.

In terms of top-selling NFT collections in January 2023, Bored Ape Yacht Club (BAYC) NFTs generated $71.24 million in sales. BAYC sales increased 45% from December. Mutant Ape Yacht Club (MAYC) sales rose 47.91% last month, generating $58.85 million in NFT sales.

Bored Ape Kennel Club (BAKC) NFT sales jumped 309% from the previous month, totaling $42.33 million in sales. The remaining top NFT collections in order are Azuki, Otherdeed, Art Blocks, Sorare, Degods, Captainz, and Hausphases.

NFT marketplaces in terms of ethereum (ETH) daily volume since November 2022.

The top five NFT collections generated $242.56 million in sales in January, accounting for 24.31% of total sales. The top ten NFT projects combined for $336.26 million in sales, equating to 33.70% of the $997.53 million in total sales for the month.

The most expensive NFT sold over the past month was BAYC #5,840, which sold for $796,444 four days ago. BAYC #4,025 sold 17 days ago for $613,501, and BAYC #8,483 sold for $581,845 three days ago. The fourth and fifth most expensive NFTs sold were Cryptopunk #9,092, sold for $496,903, and BAYC #8,483, sold for $490,333.

In 30-day terms of sales volume, Opensea led the pack with 40% of last month’s sales executed on the NFT marketplace. The NFT market Blur captured 32% of the 30-day sales, and X2Y2 recorded 8% of the month’s sales. Magic Eden NFT sales were around 7% of the month’s settled transactions, and Looksrare accounted for 2% of the NFT sales in the last 30 days, according to dappradar.com statistics.

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$997.53 million, 1 month, 2023, 22, 30 day sales, 30-day rise, 30-days, 41.96%, Blockchain, Bored Ape Yacht Club, crypto assets, Cryptocurrency, cryptoslam.io, dappradar.com, data, digital collectible transactions, Digital Collectibles, Ethereum, Feb. 1, increase, january, January 2023, Mutant Ape Yacht Club, nearly $1 billion, nft, NFTs, NFTs 30 day, Non-fungible tokens, Number, past month, previous month, sales, Solana

What do you think about the rise in NFT sales last month? How do you see the future of NFTs and blockchain technology evolving in the coming months? Let us know what you think about this story in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com 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 of or reliance on any content, goods or services mentioned in this article.

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Britain Announces Plans For ‘Robust’ Crypto Rules, Launches Consultation

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Britain Announces Plans For ‘Robust’ Crypto Rules, Launches Consultation

The U.K. has unveiled “ambitious plans” to “robustly regulate” various crypto activities, while seeking to protect customers and grow its economy. In the next three months, British authorities will accept public feedback on the new regulatory proposals designed to govern digital assets like traditional finance.

British Government Sets Out to Regulate Crypto Market, Remains Committed to Innovation

The executive power in London has announced plans to regulate a wide range of crypto-related activities through new rules for the young industry that will be consistent with Britain’s regulations for the traditional financial sector.

A public consultation on the proposals has been launched and will continue until the end of April. In the published paper, the U.K. Treasury reaffirms its belief that “crypto technologies can have a profound impact across financial services.” The document provides an overview of the consultation work ahead.

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The British government also insisted its approach to regulation “mitigates the most significant risks, while harnessing the advantages of crypto technologies” and expressed hopes to enable the crypto industry to expand, invest, and create jobs. Economic Secretary to the Treasury Andrew Griffith emphasized:

We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes crypto-asset technology. But we must also protect consumers who are embracing this new technology.

The draft rules aim to ensure that crypto exchanges “have fair and robust standards.” They will be responsible for “defining the detailed content requirements for admission and disclosure documents,” an announcement revealed on Wednesday.

Officials also indicated they want to strengthen the rules for intermediaries and custodians that facilitate cryptocurrency transactions and store customer digital assets. They believe this would help to establish a “world-first regime” for crypto lending.

The move comes in the aftermath of several high-profile failures that shook the crypto space, including the collapse of major crypto exchange FTX. The British government has previously said that it intends to adopt regulations that would prevent market abuses.

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Majority of Crypto Asset Companies in the UK Fail to Receive Regulatory Approval

The regulatory proposals follow last week’s announcement by the U.K.’s Financial Conduct Authority (FCA) that most entities that want to do business with crypto assets in Great Britain, 85% of all applicants, have failed to convince regulators they can meet the country’s minimum anti-money laundering (AML) requirements.

The regulator said it had identified significant failures in spheres such as due diligence, risk assessment, and transaction monitoring. “In many cases, key personnel lacked appropriate knowledge, skills and experience to carry out allocated roles and control risks effectively,” the FCA said.

Meanwhile, the Treasury Committee at the House of Commons is still looking into the potential threats and opportunities associated with crypto assets and the need for regulation. “We are in the middle of an inquiry into crypto regulation and these statistics have not disabused us of the impression that parts of this industry are a ‘Wild West,’” Harriett Baldwin, chair of the select committee, was quoted as stating.

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Crypto, crypto assets, crypto exchanges, crypto industry, crypto sector, Cryptocurrencies, Cryptocurrency, draft rules, Proposals, public consultation, Regulations, rules, U.K., uk

What effect do you think the upcoming U.K. rules will have on the development of the country’s crypto industry? Share your expectations in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com 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 of or reliance on any content, goods or services mentioned in this article.

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