Regulation
Zimbabwe launches study to map and regulate crypto industry
The Zimbabwean government has launched a study to develop regulations for the virtual assets sector.
June 12, Zimbabwe Mail reported that the government had created a committee to collect data from crypto companies operating in the country. This study aims to provide a detailed understanding of the country’s crypto industryincluding its size and scope.
The committee invites local and international crypto companies to contribute. The submission deadline is June 26.
A study aimed at clarifying regulations in Zimbabwe
Nick Mangwana, Zimbabwe’s permanent secretary for information and publicity, described the study as a “comprehensive project”. Its aim is to provide an in-depth overview of the country’s crypto sector and serve as a basis for future regulations.
He stated:
“First, our objective is to determine the nature and extent of the cryptocurrency ecosystem in Zimbabwe. This involves mapping the different actors and activities within the space to get a clearer idea of its scope and scale.
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 misuse of 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 the 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.
At the same time, these efforts reflect the rise of crypto adoption in Africa. Many Africans are using crypto to circumvent banking and exchange rate restrictions, and governments are beginning to recognize the benefits of the assets for their citizens.
As a result, several African countries, including Kenya, are progressing in the development of the crypto industry.
Published in: Africa, Regulation