By Benjamin Wickham
WINDHOEK, July 7 — Namibia has become the latest African country to embrace cryptocurrency legislation. The country’s parliament has passed a bill that will regulate the use of cryptocurrencies and other digital assets.
The bill, which was passed on June 22, 2023, establishes a framework for licensing and regulating virtual asset service providers (VASPs). VASPs are businesses that provide services related to cryptocurrencies, such as exchanges, wallets, and custodians.
The bill also creates a regulatory authority responsible for supervising VASPs. The authority will be tasked with ensuring that VASPs comply with the law and that they are not used for money laundering or other illegal activities.
The passage of the bill is a major step forward for Namibia’s crypto industry. It provides much-needed clarity and certainty for businesses and investors who are interested in using cryptocurrencies in the country.
The bill is also a sign that Namibia is open to innovation and that it is willing to embrace new technologies. This could make Namibia an attractive destination for crypto businesses and investors in the future.
The bill has been praised by industry experts, who say that it is a well-crafted piece of legislation that strikes a balance between regulation and innovation. They believe that the bill will help to legitimize the crypto industry in Namibia and attract new businesses and investors to the country.
The passage of the bill is a major milestone for Namibia’s crypto industry. It is a sign that the country is taking a progressive approach to regulating cryptocurrencies and that it is committed to creating a safe and welcoming environment for businesses and investors who are interested in using these technologies.
Here are some of the key provisions of the bill:
- VASPs must be licensed by the regulatory authority.
- VASPs must comply with anti-money laundering and counter-terrorism financing regulations.
- VASPs must keep records of all transactions.
- VASPs must report suspicious activity to the regulatory authority.
- Individuals and businesses are prohibited from using cryptocurrencies to pay for goods and services.
The bill does not ban the use of cryptocurrencies, but it does place some restrictions on their use. The government has said that it is open to reviewing the bill in the future if necessary.
The passage of the bill is a positive step for Namibia’s crypto industry. It provides much-needed clarity and certainty for businesses and investors who are interested in using cryptocurrencies in the country. It also makes Namibia an attractive destination for crypto businesses and investors in the future. – Namibia Daily News
