Namibia signs crypto exchange regulation bill into law

The Namibian Government officially signed a law to control Virtual Asset Service Providers running in the nation last week, reversing its original 2017 choice to prohibit cryptocurrency exchanges.On July 21, the VASP-regulating law was placed into the Gazette of the Republic of Namibia after formerly being approved in Namibias National Assembly on July 6 and signed by President Hage Geingob on July 14. The costs called the Namibia Virtual Assets Act 2023 aims to appoint a regulatory authority to supervise crypto exchanges in the nation. It is the very first law laying out how the nation must control cryptocurrency-related activities.It will enter into force at a date figured out by Namibias Ministry of Finance.The expense ended up being law when it was taken into the Gazette of the Republic of Namibia. Source: Namibia Government.Among the leading goals of the law is to make sure consumer defense, prevent market abuse and mitigate the dangers of money laundering and the financing of terrorism. Non-compliant service providers might apparently face penalties of as much as $671,000 (10 million Namibian dollars) and 10 years in prison. The countrys central bank, the Bank of Namibia, maintains its position that cryptocurrencies will not hold legal tender status in the country.Namibias legal U-turn began in May 2018 when the Bank of Namibia modified its original decision to prohibit cryptocurrency exchanges.Related: Crypto exchange Roqqu gets South African approval to broaden operationsEarlier this month, South Africas monetary regulator revealed that all cryptocurrency exchanges in the nation will be required to get licenses by the end of 2023 in order to continue operations.Other African countries that have actually passed cryptocurrency laws include Botswana, Kenya, Mauritius and Seychelles. The Central African Republic made Bitcoin (BTC) legal tender in April 2022, nevertheless, that legislation was repealed less than 12 months later on. Cameroon, Ethiopia, Lesotho, Liberia, Republic of the Congo, Sierra Leone, Tanzania and Zimbabwe are amongst the African countries to have imposed a ban on cryptocurrencies according to the International Monetary Fund.Magazine: Bitcoin in Senegal: Why is this African country using BTC?