Federal Reserve (FED) · The Block
Zimbabwe moves to regulate crypto sector, requiring firms to register with central bank: Reuters
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Zimbabwe has rolled out its first dedicated rules for cryptocurrency, which require firms that deal in crypto assets to register with the central bank's financial intelligence arm or face potential prosecution, Friday.
Key facts
- Nigeria, by contrast, has required prospective providers to hold ₦500 million in a local bank account to qualify for a license, a sum worth about $367,000
- Nigeria runs oversight through its Securities and Exchange Commission, which licensed local exchange Quidax in 2024
- Under regulations signed by Finance Minister Mthuli Ncube, companies that buy, sell, transfer or safeguard crypto assets must register annually with the Financial Intelligence Unit, the anti-money
- Zimbabwe first barred banks and other financial institutions from handling crypto in 2018, which pushed trading onto peer-to-peer platforms and social media
Summary
Under regulations signed by Finance Minister Mthuli Ncube, companies that buy, sell, transfer or safeguard crypto assets must register annually with the Financial Intelligence Unit, the anti-money laundering body housed inside the Reserve Bank of Zimbabwe. Zimbabwe first barred banks and other financial institutions from handling crypto in 2018, which pushed trading onto peer-to-peer platforms and social media. Crypto demand in Zimbabwe has its roots in the country's monetary history. The new rules place Zimbabwe among other African peers that already license crypto.