{"id":9971,"date":"2023-01-24T20:17:57","date_gmt":"2023-01-24T20:17:57","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9971"},"modified":"2023-01-24T20:17:58","modified_gmt":"2023-01-24T20:17:58","slug":"south-african-dispute-resolution-office-says-it-now-considers-crypto-related-complaints","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9971","title":{"rendered":"South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>According to South Africa\u2019s 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\u2019s 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.<\/strong><\/p>\n<h2>Code of Conduct for Crypto Asset Service Providers<\/h2>\n<p>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 \u201cinvestigate complaints against existing registered financial service providers who offer advice on cryptocurrency.\u201d 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.<\/p>\n<p>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\u2019s General Code of Conduct for authorized FSPs. This code requires \u201cmaterial disclosures, conducting a needs analysis and recommending a product that is appropriate to one\u2019s needs and circumstances.\u201d<\/p>\n<h2>Only Three Complaints Filed<\/h2>\n<p>However, according to the remarks by the agency\u2019s Thuso Ngwagwe published by Moneyweb, all complaints lodged with the Office of the FAIS Ombud prior to the Financial Sector Conduct Authority\u2019s crypto asset designation will not be considered. In the report, Ngwagwe reiterated the agency\u2019s assertion that it lacks jurisdiction.<\/p>\n<p>\u201cAll 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,\u201d Ngwagwe reportedly said.<\/p>\n<p>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 \u201cthree occurred after 19 October 2022 and will [therefore] be considered.\u201d The rest of the complaints will not be considered and cannot be resubmitted, Ngwagwe added.<\/p>\n<p>For individuals with complaints that fall within its jurisdiction, the Office of the FAIS Ombud advised visiting its portal and making a formal complaint.<\/p>\n<p><em>Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n<p><em><strong>What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n<p>Terence Zimwara <\/p>\n<p class=\"article__body__author__info__about\">\nTerence 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.<\/p>\n<p><i class=\"td-icon-font td-icon-linkedin\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p><i class=\"td-icon-font td-icon-telegram\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: 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.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/south-african-dispute-resolution-office-says-it-now-considers-crypto-related-complaints\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to South Africa\u2019s 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\u2019s website. However, the Office of the FAIS Ombud insisted that all complaints that occurred before crypto assets were designated financial products will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-9971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9971"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9971\/revisions"}],"predecessor-version":[{"id":9973,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9971\/revisions\/9973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9972"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}