Zimbabwe Seeks Crypto Regulation Input from Market Operators

Zimbabwe is keen on regulating cryptocurrencies and industry service providers.

Nigerian lady looking at the crypto coin skeptically.
Created by Kornelija Poderskytė from DailyCoin
  • The Zimbabwean government has sought input on crypto regulation.
  • The government aims to understand the domestic crypto market.
  • This will help it develop a tailored regulatory regime.

The Zimbabwean government is seeking comments from domestic and overseas crypto service providers to develop a tailored regulatory framework for the country, media outlets reported on Wednesday.

Zimbabwe follows in the footsteps of its neighboring country South Africa, which started seeking clarity on crypto oversight as early as 2022. It became the first African country to license crypto operators in March this year.

Zimbabwe’s Approach to Crypto

According to a June 12 report by The Zimbabwe Mail, the government has sought comments from the public and market participants as part of its comprehensive initiative to evaluate the country’s crypto landscape.

Sponsored

Nick Mangwana, the Information and Publicity Permanent Secretary, said the exercise will help the government to understand the scale and scope of cryptocurrencies in Zimbabwe by mapping out various actors and activities within the industry.

Mangwana also explained that the initiative would help the government to assess and comprehend the potential risks associated with digital assets.

“Our objective is to evaluate the dangers of cryptocurrencies being misused for money laundering, terrorism 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 report quoted Mangwana.

The government expects to receive comments from participants by June 26, after which it will recommend an “appropriate” regulatory regime for crypto and virtual asset service providers.

Sponsored

Mangwana said the framework will aim to strike a balance between fostering innovation and safeguarding the security and integrity of Zimbabwe’s financial system.

Read about the UK’s staking and stablecoin rules:
How UK’s Staking and Stablecoin Rules Could Shape Its Future

Stay updated on Kenya’s tax bill targeting crypto traders:
Kenya Targets 4 Million Crypto Traders with New Tax Bill

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.