Now it is confirmed that the Namibia government is only a few steps away from regulating the crypto sector.
Namibia is a country in Southern Africa. Its western border is the Atlantic Ocean. Before 2017, huge numbers of crypto exchanges were providing crypto services under an unregulated ecosystem in this country but in Sep 2017, the Central Bank of Namibia issued a circular and confirmed that cryptocurrencies are not legal tender in the country & also all the crypto exchanges operating services in the country are illegal.
Recently the government of Namibia officially signed a bill, aimed to regulate the crypto sector in the jurisdiction of Namibia.
That means, Namibia is going to reverse its crypto ban decision, taken by Bank of Namibia in 2017.
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This bill has all the primary provisions & measures to guide the financial regulators on how to regulate crypto companies & the sector under a perfect regulation framework.
This crypto regulation bill “Namibia Virtual Assets Act 2023” will come into effect this or next year. The final date for the official introduction in law of this bill will be decided by the country’s finance ministry.
The crypto participants, which will not follow the regulatory measures, will face penalties up to 10 million Namibian dollars ($671,000) and 10 years in prison.
The central bank also confirmed that cryptocurrencies will not be legalized in the form of legal tender, which means people will be strictly prohibited to use cryptocurrencies in payment services.
In the present time, other African countries are also working on the crypto regulation bill to legalize the crypto sector and kick out & prohibit illegal crypto-related suspicious activities. The most recent African countries which introduced their crypto regulation bill are Botswana, Kenya, Mauritius, and Seychelles.
Read also: KuCoin reduces 30% workforce
The government of Namibia signs crypto regulation bill
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