Crypto Law Profile

Botswana Virtual Assets Act, 2022

Botswana’s 2022 Act created a NBFIRA licensing regime for VASPs and initial token offerings, with custody, disclosure, conduct and AML-linked obligations. It was repealed and replaced by the 2025 Act.

Botswana Repealed Act Feb 25, 2022

At a glance

Current status Repealed and replaced by Botswana’s 2025 virtual-assets statute.
Commencement Assented to and commenced on Feb. 25, 2022.
Regulator NBFIRA licensed and supervised virtual asset businesses under the 2022 framework.
Core scope Covered VASPs, virtual asset exchanges, ITO issuers and VA-based payment services.

Overview

Status as of July 10, 2026: Botswana’s Virtual Assets Act, 2022 (Act No. 3 of 2022) is best treated as a repealed crypto law profile. The Act was assented to and commenced on February 25, 2022, and created Botswana’s first dedicated statutory framework for virtual asset businesses, virtual asset service providers, and issuers of initial token offerings. NBFIRA’s 2025 AML/CFT guidance states that the 2022 VA Act was repealed and replaced by the Virtual Assets Act, 2025.

What the Botswana Virtual Assets Act, 2022 covered

The Act was enacted to regulate the sale and trade of virtual assets, the licensing of virtual asset service providers, and the licensing of issuers of initial token offerings. It defined “virtual asset” as a digital representation of value that may be digitally traded, transferred, or used for payment or investment purposes, while excluding digital representations of legal tender and securities or other financial assets regulated under Botswana’s banking and securities laws.

The 2022 framework applied to participants in the formation, promotion, sale, or redemption of initial token offerings and to persons carrying on virtual asset business, including activities conducted from outside Botswana. It also captured exchange between virtual assets and fiat currency, exchange between virtual assets, virtual asset transfers, payment services using virtual assets, and financial services connected to an issuer’s offer or sale of a virtual asset.

Licensing, supervision, and transitional period

The Act placed supervisory responsibility with the Non-Bank Financial Institutions Regulatory Authority. NBFIRA was empowered to license VASPs and initial-token-offering issuers, regulate and supervise virtual asset business in Botswana, issue rules and guidance, request information, appoint inspectors, and take enforcement action. Section 9 prohibited carrying on or participating in virtual asset business without a VASP licence or an issuer-of-initial-token-offerings licence.

Licence applications under the Act had to include prescribed information, including business plans, management arrangements, customer due diligence information for relevant owners and officers, and policies designed to meet obligations under the Act and the Financial Intelligence Act. NBFIRA announced that the Act and the related 2022 Regulations were effective from February 25, 2022. Existing operators were given a three-month transitional period; NBFIRA later stated that the period ended on May 31, 2022.

Key obligations under the 2022 framework

  • Customer asset protection: custodial licence holders had to maintain sufficient virtual assets for customer obligations, and customer assets were not treated as the licence holder’s property or as assets available to its creditors.
  • Market integrity: licence holders had to maintain systems and controls addressing information protection, transaction monitoring, safeguarding of customer assets, business continuity, and market-abuse risk.
  • Token offers and white papers: virtual asset offers had to use accurate, non-misleading information consistent with the issuer’s white paper, and white papers had to provide full and accurate disclosure for potential purchasers.
  • Professional conduct: licence holders were expected to act honestly and fairly, apply due care, preserve customer confidentiality, maintain data-protection measures, and file annual audited financial statements.

Relationship to the 2022 Regulations and AML/CFT

The Virtual Assets Regulations, 2022 supplemented the Act with application details, minimum financial-resource requirements, human and technology resource standards, business rules, systems and controls, customer-protection provisions, and complaint-handling expectations. The virtual assets regime also interacted with Botswana’s Financial Intelligence Act. NBFIRA’s later AML/CFT guidance states that the FI Act applies to regulated entities conducting virtual asset business and is intended to address money laundering, terrorist financing, and proliferation financing risks.

Status and editorial treatment

For CryptoSlate taxonomy purposes, this profile should use Repealed as the canonical status and Act as the law type. The 2022 Act remains relevant as the predecessor to Botswana’s 2025 virtual-assets framework and as historical context for licensing, custody, disclosure, market-conduct, and AML/CFT supervision of VASPs. Editors should verify the 2025 repeal and transitional savings against the official Gazette text for Act No. 4 of 2025 and S.I. 9 of 2025 before using this profile to describe current obligations.

Key provisions

NBFIRA supervisory powers

The Act made NBFIRA the Regulatory Authority for licensing, monitoring, supervision, guidance, information requests and enforcement over virtual asset business.

Regulatory Powers Feb 25, 2022 Source

VASP and ITO issuer licensing

A person could not carry on or participate in virtual asset business unless licensed as a VASP or issuer of initial token offerings under the Act.

Licensing & Registration Feb 25, 2022 Source

Scope of virtual asset business

The Act covered ITO activity, VA exchanges, VA-based payment services, transfers, and financial services connected to an issuer’s offer or sale of a virtual asset.

Regulatory Perimeter Feb 25, 2022 Source

Customer asset custody

Custodial licence holders had to maintain sufficient virtual assets for customer obligations; customer assets were not licence-holder property or creditor assets.

Custody Feb 25, 2022 Source

Offers and white papers

Virtual asset offers had to be accurate and consistent with white papers; white papers had to provide full and accurate disclosure to potential purchasers.

Disclosure Feb 25, 2022 Source

Professional conduct and reporting

Licence holders had to act honestly and fairly, protect customer assets and information, maintain data-protection measures, and file annual audited statements.

Conduct Feb 25, 2022 Source

Repeal and successor framework

NBFIRA’s 2025 guidance states that the 2022 VA Act was repealed and replaced by the Virtual Assets Act, 2025.

Status Jan 24, 2025 Source

Timeline

  1. Passed by National Assembly

    The Act records passage by Botswana’s National Assembly on Feb. 1, 2022.

    Passed Source
  2. Assented and commenced

    The Act lists Feb. 25, 2022 as both the date of assent and the date of commencement.

    In force Source
  3. NBFIRA commencement notice

    NBFIRA notified the public that the Act and 2022 Regulations were effective from Feb. 25, 2022.

    Enacted Source
  4. Transitional period ended

    NBFIRA said existing VASPs that had not applied by this date had to cease operations until licensed.

    In force Source
  5. 2025 Act commenced

    High-confidence consolidated sources state the 2025 Act commenced on Jan. 24, 2025 and repealed Act No. 3 of 2022.

    Repealed Source
  6. NBFIRA guidance noted repeal

    NBFIRA’s AML/CFT guidance stated that the 2022 VA Act was repealed and replaced by the 2025 Act.

    Enacted Source

Who it affects

Actors

Bank of Botswana, Financial Intelligence Agency, Non-Bank Financial Institutions Regulatory Authority

Asset classes

Initial token offerings, Virtual assets, Virtual tokens

Official sources

Editorial note

Status note: NBFIRA’s 2025 AML/CFT guidance states that the 2022 VA Act was repealed and replaced by the 2025 VA Act. Confirm the repeal date and transitional savings against the official Gazette text for Act No. 4 of 2025 and S.I. 9 of 2025.