A crypto law has gained headway in Namibia with the crypto legislation passed by the National Assembly of Namibia, in a momentous occasion for crypto in the country.
Africa has seen a sudden rise in the number of countries drafting crypto regulations. Namibia is the latest to join the list with a new crypto law. The National Assembly of Namibia passed the crypto regulation recently. With this move, the Namibian government has shown its resolve to adopt crypto and its related technologies.
The main aim of the crypto law is to regulate digital assets in Namibia and all other crypto firms. Its agendas will include creating a framework for the crypto industry and assigning regulatory power to authority.
Other goals will include the prevention of illegal activities like money laundering and market abuse and ensuring the protection of consumers.
“When the associated risks that come with innovations such as virtual assets in the financial system are better managed, the bank will make the necessary assessments and pronounce itself on their acceptance,” said the spokesperson of the Bank of Namibia, Kazembire Zemburuka. He also agreed on the benefits of digital assets like increasing financial inclusion, cross-border payments, and others.
The crypto law could also enable the government to establish a regulatory institution for the industry. Further, virtual assets service providers would have to be licensed under the new law. Firms would also be fined by authorities in case they don’t comply with the necessary rules.