According to reports, the government of Namibia formally passed an act just recently that will govern the virtual asset service providers that operate within the nation, thereby amending its prior 2017 stance against regulating cryptocurrency trading platforms.
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Namibia Enacts Crypto Bill into Law
The Namibia Virtual Assets Act 2023, which had earlier been adopted by Namibia’s national legislature on July 6 and approved by President Hage Geingob on the 14th of July, was added into the Republic of Namibia’s Gazette on July 21.
Regulatory Body to be Appointed Soon
The NVA Act 2023 is going to have to first appoint a regulatory authority to oversee cryptocurrency trading platforms in the country. This is because it is the very first law outlining how the nation should govern crypto-related activity. However, it will take effect on a date designated by the Ministry of Finance of the nation.
Namibia Imposes Fine on Firms Not Complying with Laws
According to the Act, companies that fail to comply with the law are potentially liable for fines as high as $10 million Namibian dollars ($671,000) and a decade in imprisonment. Other than that, the primary goals of the legal system revolve around protecting consumers, preventing market misuse, and reducing the risks of monetary laundering and funding for terrorism.
The Bank of Namibia, the country’s central bank, argues that cryptocurrencies will not be accepted as currency in the country.
Crypto Adoption in Africa
Crypto community members, in addition to the governments of various African countries, such as Nigeria, have demonstrated their comprehension and expertise of the crypto market and have become more inclined to adopt it.Â
In May, the Nigerian Securities and Exchange Commission allegedly considered allowing tokenized coin offers backed by stock, debt, or property, although “not crypto,” on authorized digital currency platforms.
Notably, last year, on realizing the volume and pace at which the African crypto market is growing, the International Monetary Fund recommended stronger industry legislation, particularly those focused at consumer safety.
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