Crypto Enthusiasts Rejoice: Namibia Officially Regulates Virtual Asset Service Providers with New Law
Last week, the Namibian government officially enacted a law to regulate Virtual Asset Service Providers (VASPs) in the country, overturning its previous ban on cryptocurrency exchanges dating back to 2017.
On July 14, President Hage Geingob signed the Namibia Virtual Assets Act 2023 into law, after its approval in the National Assembly on July 6. The act aims to establish a regulatory authority that oversees crypto exchanges. This law marks the country’s first comprehensive regulation of cryptocurrency-related activities, focusing on consumer protection, preventing market abuse, and addressing money laundering and terrorism financing risks. Non-compliant providers may face penalties of up to 10 million Namibian dollars ($671,000) and up to 10 years in prison.
While cryptocurrencies won’t have legal tender status in Namibia, the law represents a significant step in the country’s evolving stance on digital assets. Other African nations, including South Africa, Botswana, Kenya, Mauritius, and Seychelles, have also implemented cryptocurrency-related regulations, while some countries, such as Cameroon, Ethiopia, and Zimbabwe, have enforced bans on cryptocurrencies, according to the International Monetary Fund.
Clever Robot News Desk 30th July 2023
