Zimbabwe Introduces First Regulatory Framework for Crypto Businesses
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Zimbabwe introduced its first formal crypto regulatory framework requiring businesses that buy, sell, transfer, exchange or safeguard virtual assets to register annually with the Financial Intelligence Unit and pay a $500 fee. New AML rules place digital asset firms under Reserve Bank of Zimbabwe oversight, criminalize unregistered operations and aim to curb risks amid rising crypto adoption and monetary instability.
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- Zimbabwe now requires crypto firms to register annually and pay a $500 fee.
- New AML rules place digital asset businesses under central bank oversight.
- Crypto regulation follows rising adoption amid monetary instability concerns.
Zimbabwe has introduced its first formal regulatory framework for cryptocurrency businesses, placing firms that handle digital assets under the Reserve Bank of Zimbabwe’s supervision through new anti-money laundering requirements.
New Registration Requirements for Crypto Businesses
Under regulations issued by Finance Minister Mthuli Ncube, businesses that buy, sell, transfer, exchange, or safeguard virtual assets must register each year with the Financial Intelligence Unit (FIU). The annual registration fee has been set at $500.
The rules also make it an offense for cryptocurrency businesses to operate without registration. Companies …
Read The Full Article Zimbabwe Introduces First Regulatory Framework for Crypto Businesses On Coin Edition.
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