At Altify, we carry out both regulated and unregulated activities. We are regulated through a wholly-owned subsidiary RVX SA Capital (Pty) Ltd ("RVX Capital"). RVX Capital is a South African private company which is regulated and authorised to offer various financial services within the traditional financial sector.However, crypto asset-related activities still need to be fully regulated by the South African Financial Sector Conduct Authority (FSCA).
The FSCA has taken the first step toward regulating the crypto asset industry in South Africa by declaring crypto assets as financial products within the scope of the Financial Advisory and Intermediary Services Act (FAIS).What this means is that from 1 June 2023, Altify and other South African cryptocurrency platforms will have to obtain a license from the FSCA to provide their services to the public. It’s business as normal while we apply for the license – your ability to buy, sell, store and explore cryptocurrency will not be impacted during this time.
This is a positive step for both the cryptocurrency industry and South Africans. We fully support this decision as it helps to protect consumers and ensures greater trust in the industry.Altify offers its crypto-related services through Revix SA OpCo (Pty) Ltd ("Revix SA") and Revix International Limited. Revix SA is a South African company and qualifies as a Crypto Asset Service Provider under FAIS.
It’s important to note that Altify’s crypto accounts do not fall under local banking laws and that investments in cryptocurrencies, at this time, are not covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme.