Zimbabwe Seeks Crypto Regulation Input from Market Operators

• 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.

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.

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“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.

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

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Stay updated on Kenya’s tax bill targeting crypto traders:
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