Zimbabwe Mandates Registration for Crypto Firms under New Regulations
- The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) requires all virtual asset service providers to register by June 16, solidifying a new regulatory model.
- The Finance Act No.7 of December amended Section 2 of the Money Laundering and Proceeds of Crime Act, incorporating VASPs into the statutory definition of a “financial institution.”
- Statutory Instrument No.99 was gazetted on June 10, mandating registration for entities exchanging cryptocurrencies and fiat currencies or providing custody services.
- The FIU is the primary supervisory authority enforcing compliance with international anti-money laundering standards.
- Registration does not equate to a commercial license, requiring firms to seek additional operational approvals from relevant domestic authorities.
Zimbabwe has introduced a mandatory registration framework for crypto firms to align with international anti-money laundering standards, as per the Finance Act No.7 amendment in December. The FIU emphasizes that this requirement is for monitoring purposes only and does not guarantee financial safety or eliminate risks associated with cryptocurrencies.
By mandating registration under Statutory Instrument No.99, Zimbabwe aims to integrate virtual asset service providers into its financial regulatory framework while warning stakeholders about inherent market risks such as volatility and cyberattacks.Source
