Zimbabwe launches study to map and regulate crypto industry News ▸ Africa ▸ Regulation
Zimbabwe launches study to map and regulate crypto industry
The initiative seeks to map and regulate the crypto landscape, inviting insights from local and global firms.
1 min read
Updated: Jun. 12, 2024 at 4:11 pm UTC
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The Zimbabwean government has initiated a study to develop regulations for the virtual asset industry.
On June 12, the Zimbabwe Mail reported that the government had established a committee to collect data from crypto companies operating within the country. This study aims to provide a detailed understanding of the country’s crypto industry, including its size and scope.
The committee is inviting contributions from both local and international crypto firms. The submission deadline is June 26.
Study to usher in regulatory clarity for Zimbabwe
Nick Mangwana, Zimbabwe’s Permanent Secretary for Information and Publicity, described the study as a ‘comprehensive project.’ Its goal is to offer an in-depth overview of the country’s crypto sector and serve as a foundation for future regulations.
He stated:
“Firstly, we aim to determine the nature and extent of the cryptocurrency ecosystem in Zimbabwe. This involves mapping out the various actors and activities within the space to get a clearer picture of its scope and scale.”
He also emphasized the importance of assessing digital assets risks, such as money laundering and other illicit activities. Mangwana noted:
“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 study is expected to lead to the creation of a comprehensive regulatory framework that will foster innovation and strengthen Zimbabwe’s financial system.
Meanwhile, these efforts reflect how crypto adoption has surged in Africa. Many Africans use crypto to bypass banking and foreign exchange rate restrictions, and governments are starting to recognize the asset benefits for their citizens.
As a result, several African nations, including Kenya, are progressing in developing the crypto industry.
Posted In: Africa, Regulation
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