Regulatory Framework Introduced for Virtual Assets Trading in Zimbabwe
The Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are collaborating to develop a framework for virtual asset trading.
This framework aims to establish clear legislation, ensure client protection under the Data Protection Act, and provide educational support. Challenges in this endeavor include the need for infrastructural investment and addressing licensing fees for foreign-supplied systems. Currently, an informal virtual asset ecosystem exists, but it lacks security measures, resulting in financial losses for participants.
Chengetedzai Depository Company (CDC) has expressed support for regulation to formalize virtual asset trading, pointing out that many other countries have already implemented such measures. With the digital assets industry projected to experience significant growth, this initiative presents Zimbabwe with an opportunity to explore a new asset class.
Clever Robot News Desk 19th June 2024
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