Namibia’s Virtual Assets Act 2023 Becomes Law
Namibia’s virtual assets bill, known as the Namibia Virtual Assets Act 2023, has been put into law, according to the Gazette of the Republic of Namibia. The new law aims to regulate and supervise virtual asset service providers and related activities in the country. It also seeks to ensure consumer protection, prevent market abuse, and combat money laundering. This is the first bill in Namibia that specifically addresses how cryptocurrencies should be treated.
Key Points:
1. Designation of a regulatory authority: The government will establish a regulatory authority to oversee the virtual asset industry in Namibia.
2. Consumer protection: The act aims to protect consumers by implementing regulations and supervision of virtual asset service providers.
3. Preventing market abuse: The law intends to prevent market manipulation and abuse within the virtual asset industry.
4. Combatting money laundering: The act includes measures to prevent money laundering and other illicit activities related to virtual assets.
5. Pending effectiveness: While the law has been passed, it is not yet effective and will only come into effect on a date determined by the Minister of Finance.
Namibia’s new virtual asset law reflects the global trend of increased regulation of crypto activities. As countries like the European Union, the U.K., and South Korea strengthen their regulations, Namibia is taking steps to ensure the proper oversight and supervision of its virtual asset industry. This move is expected to enhance transparency and security within the crypto market in Namibia.
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