#JustIn: Virtual asset legislation enacted
Namibia has become the third Sub- Saharan African country to enact legislation to license and regulate virtual asset service providers (VASPs) and initial token-offering service providers (ITOSPs).
The Virtual Assets Act became operational on 25 July 2023 and will be administered by the Bank of Namibia (BoN).
The BoN’s director: strategic communications and international relations, Kazembire Zemburuka, issued a statement, saying Namibia has taken “bold legislative steps to regulate this sector and fully protect the public against potential risks, services availed by this industry, may hold”.
Before the landmark legislation was enacted, Namibia determined virtual assets as a growing threat avenue for generating and laundering proceeds of crime, with the banking sector and members of the public, being the major target.
“In this regard, the Act attempts to reduce the risks associated with investing in virtual assets, which the BoN has previously warned the public against,” Zemburuka said.
As for virtual currencies, these will not enjoy legal tender status such as that accorded to the Namibian Dollar, he stressed.
The Virtual Assets Act became operational on 25 July 2023 and will be administered by the Bank of Namibia (BoN).
The BoN’s director: strategic communications and international relations, Kazembire Zemburuka, issued a statement, saying Namibia has taken “bold legislative steps to regulate this sector and fully protect the public against potential risks, services availed by this industry, may hold”.
Before the landmark legislation was enacted, Namibia determined virtual assets as a growing threat avenue for generating and laundering proceeds of crime, with the banking sector and members of the public, being the major target.
“In this regard, the Act attempts to reduce the risks associated with investing in virtual assets, which the BoN has previously warned the public against,” Zemburuka said.
As for virtual currencies, these will not enjoy legal tender status such as that accorded to the Namibian Dollar, he stressed.
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