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CoinDesk, a leading cryptocurrency news outlet, compiled the views of legal experts in Namibia on the recent passing of a cryptocurrency regulation law. Economist Ronald Nanub, from the Namibian Prime Minister's Office, described the law as 'interesting and timely' but stated it only sets the groundwork for a comprehensive regulatory framework. Last month, Coinness reported that Namibia's National Assembly passed a bill regulating virtual assets (cryptocurrency), with the implementation date to be decided by the finance minister.
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Namibia Regulates Crypto
Last week, the Namibian Government signed a new law to control Virtual Asset Service Providers in the country. This law allows cryptocurrency exchanges to operate, overturning the previous decision made in 2017.
On July 21, the law that regulates Virtual Asset Service Providers (VASPs) was officially published in the Gazette of the Republic of Namibia. Before that, it was approved in Namibia’s National Assembly on July 6 and signed by President Hage Geingob on July 14.
The Namibia Virtual Assets Act 2023 is a new bill that aims to regulate cryptocurrency exchanges in the country. It will establish a regulatory authority to oversee crypto-related activities, making it the first law of its kind in Namibia.
The specific date for its implementation will be determined by Namibia’s Ministry of Finance.
The law’s main goals include consumer protection, preventing market abuse, and reducing the risks of money laundering and terrorism financing.
Namibia’s Crypto Regulation and Penalties
Non-compliant providers in Namibia could face penalties of up to $671,000 (10 million Namibian dollars) and 10 years in prison. Despite this, the country’s central bank, the Bank of Namibia, still maintains that cryptocurrencies will not have legal tender status. The legal U-turn began in May 2018 when the Bank of Namibia changed its decision to ban cryptocurrency exchanges.
Cryptocurrency Regulations in African Countries
South Africa’s financial regulator recently mandated all cryptocurrency exchanges in the country to obtain licenses by the end of 2023 for continued operations.
Other African nations, such as Botswana, Kenya, Mauritius, and Seychelles, have also passed cryptocurrency laws. The Central African Republic briefly made Bitcoin legal tender in April 2022 but later repealed the legislation within a year.
On the other hand, countries like Cameroon, Ethiopia, Lesotho, Liberia, Republic of the Congo, Sierra Leone, Tanzania, and Zimbabwe have enforced bans on cryptocurrencies, according to the International Monetary Fund.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptocurrencyNews #NFT #Web3 #Blockchain #Namibia $BTC
On July 21, the law that regulates Virtual Asset Service Providers (VASPs) was officially published in the Gazette of the Republic of Namibia. Before that, it was approved in Namibia’s National Assembly on July 6 and signed by President Hage Geingob on July 14.
The Namibia Virtual Assets Act 2023 is a new bill that aims to regulate cryptocurrency exchanges in the country. It will establish a regulatory authority to oversee crypto-related activities, making it the first law of its kind in Namibia.
The specific date for its implementation will be determined by Namibia’s Ministry of Finance.
The law’s main goals include consumer protection, preventing market abuse, and reducing the risks of money laundering and terrorism financing.
Namibia’s Crypto Regulation and Penalties
Non-compliant providers in Namibia could face penalties of up to $671,000 (10 million Namibian dollars) and 10 years in prison. Despite this, the country’s central bank, the Bank of Namibia, still maintains that cryptocurrencies will not have legal tender status. The legal U-turn began in May 2018 when the Bank of Namibia changed its decision to ban cryptocurrency exchanges.
Cryptocurrency Regulations in African Countries
South Africa’s financial regulator recently mandated all cryptocurrency exchanges in the country to obtain licenses by the end of 2023 for continued operations.
Other African nations, such as Botswana, Kenya, Mauritius, and Seychelles, have also passed cryptocurrency laws. The Central African Republic briefly made Bitcoin legal tender in April 2022 but later repealed the legislation within a year.
On the other hand, countries like Cameroon, Ethiopia, Lesotho, Liberia, Republic of the Congo, Sierra Leone, Tanzania, and Zimbabwe have enforced bans on cryptocurrencies, according to the International Monetary Fund.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptocurrencyNews #NFT #Web3 #Blockchain #Namibia $BTC
