Namibian Assembly Passes Crypto Regulation Bill
Namibia’s National Assembly has enacted legislation to govern bitcoin and digital assets. As a result, it is the most recent African nation to do so. Namibia’s lower house of parliament enacted legislation on virtual assets, cryptocurrencies, and VASPs on June 22.
The purpose of the law is to create a system for licencing and regulating VASPs. It also aims to establish a regulatory agency to oversee the operations of such service providers.
The primary goals are to safeguard consumers, prevent market abuse, and reduce the probability of illegal activities such as money laundering, terrorist funding, and proliferation taking place in the digital asset market. The Act also addresses incidental issues that arise as a result of these fundamental goals. The law, it has been reported in the local press, is awaiting publication before it can take effect.
(With inputs from Shikha Singh)
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