Namibia has taken the lead in the regulation of crypto exchanges, signing the virtual assets bill into law for its crypto industry.
Namibia has joined a league of countries that have regulatory laws for crypto. Its Virtual Assets Act passed recently, is a testament to the country’s support for the industry. With an encouraging regulatory environment, crypto exchanges and other firms in the country could expect to progress faster in Namibia. The regulation of crypto exchanges in Namibia has come at an opportune time for the industry.
The Namibia Virtual Assets Act 2023 will have several provisions for crypto regulation. It will empower a regulatory authority to oversee compliance for the industry. It will be Namibia’s central supervisory authority over virtual asset service providers.
The law will have multiple measures for consumers, including anti-money-laundering, prevention of market abuse and others. It is the first crypto bill that the African country would see for regulation of the emerging crypto industry.
The official bill states its objective as to “provide for the licensing and regulation of virtual asset service providers; to designate a Regulatory Authority to regulate and supervise virtual asset service providers and related activities, for purposes of ensuring consumer protection,” along with others.
Earlier in July, the National Assembly of Namibia had passed the bill in parliament. It had led to speculations of the ensuing law. The date for enforcing the law will be decided at a later date by the government’s finance department.
Many other African countries have gained headway in crypto regulation through various measures.