Regulation
Zimbabwe launches study to map and regulate cryptocurrency industry
The Government of Zimbabwe has launched a study to develop regulations for the virtual asset sector.
On June 12, the Zimbabwe Mail reported that the government had set up a committee to collect data from crypto companies operating in the country. This study aims to provide a detailed understanding of the the country’s crypto industryincluding its size and scope.
The committee invites contributions from both local and international crypto companies. The deadline for submission is June 26th.
Study to introduce regulatory clarity for Zimbabwe
Nick Mangwana, Zimbabwe’s permanent secretary for information and publicity, described the study as a “global project”. Its goal is to offer an in-depth overview of the country’s crypto sector and serve as a basis for future regulations.
He has declared:
“Firstly, we aim to determine the nature and extent of the cryptocurrency ecosystem in Zimbabwe. This involves mapping the various actors and activities within the space to get a clearer picture of its scope and scope.”
He also highlighted the importance of assessing risks related to digital assets, such as money laundering and other illicit activities. Mangwana noted:
“Our goal is to assess the dangers of misusing cryptocurrencies for money laundering, terrorist financing and other illicit activities. Given the anonymity and decentralization that characterize these digital assets, it is crucial to identify and mitigate any associated risks.”
The study is expected to lead to the creation of a comprehensive regulatory framework that will foster innovation and strengthen Zimbabwe’s financial system.
Meanwhile, these efforts reflect the rise of cryptocurrency adoption in Africa. Many Africans are using cryptocurrencies to get around banking and exchange rate restrictions, and governments are starting to recognize the financial benefits for their citizens.
As a result, several African nations, including Kenya, are progressing in the development of the cryptocurrency industry.
Posted in: Africa, Regulation