Namibia passes bill to regulate crypto and virtual assets
The purpose of the legislation is to establish a framework for licensing and regulating virtual asset service providers. Namibia has joined other African nations in embracing cryptocurrencies and digital assets with the approval of a bill by the Namibian National Assembly. The bill which was passed on June 22, aims to regulate digital assets, cryptocurrencies and the providers of digital asset services within the country, signaling a positive outlook for the industry. The purpose of the legislation is to establish a framework for licensing and regulating virtual asset service providers. It also aims to designate a regulatory authority responsible for supervising these providers and their activities. The main objectives include ensuring consumer protection, preventing market abuse, mitigating the risks of money laundering, financing terrorism and proliferation activities associated with virtual asset markets. The law also covers incidental matters related to these objectives. Screens...
