Zimbabwe commences a study to chart and oversee the cryptocurrency sector
The Zimbabwean government has embarked on a study to establish regulations for the virtual asset industry.
According to a report by the Zimbabwe Mail on June 12, the government has formed a committee to gather information from cryptocurrency companies operating in the country. The objective of this study is to gain a comprehensive understanding of Zimbabwe’s crypto industry, including its size and reach.
The committee is seeking input from both local and international crypto firms, with a submission deadline of June 26.
Research to bring regulatory clarity to Zimbabwe
Nick Mangwana, Zimbabwe’s Permanent Secretary for Information and Publicity, described the study as a ‘comprehensive project.’ Its aim is to provide a detailed overview of the country’s crypto sector and lay the groundwork for future regulations.
He explained:
“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 highlighted the importance of evaluating the risks associated with digital assets, such as money laundering and other illicit activities. Mangwana emphasized:
“Our objective is to assess the risks of cryptocurrencies being misused for money laundering, terrorism financing, and other illicit activities. Given the anonymity and decentralized nature of these digital assets, it is crucial to identify and mitigate any associated risks.”
The study is expected to result in the development of a comprehensive regulatory framework that will encourage innovation and strengthen Zimbabwe’s financial system.
These efforts reflect the increasing adoption of crypto in Africa, with many Africans using it to circumvent banking and foreign exchange restrictions. Governments are beginning to recognize the benefits of digital assets for their citizens, leading to progress in the development of the crypto industry in several African nations, including Kenya.
Posted In: Africa, RegulationLatest Alpha Market Report
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