Following the Friday enactment of its virtual assets bill into law, Namibia’s government is prepared to name a regulatory body to regulate the business.The Namibia Virtual Assets Act 2023 proposes to assist the south African nation in appointing a regulatory body to control and oversee virtual asset service providers and related activities.In addition, among other things, it is designed to guard against market manipulation and money laundering.After being approved by the National Assembly last month, it is the first law in the nation outlining how cryptocurrency should be handled.
It became a law on Friday when it was published in the Republic of Namibia’s Gazette.Diana Vivo, an associate at Ellis Shilengudwa Incorporated, a division of DLA Piper Africa, said it’s “not yet effective,” though. She continued, “[It] will only take effect on a date to be specified by the Namibian Minister of Finance.
Globally, nations including the European Union, the United Kingdom, and South Korea are tightening up their regulation of activities related to cryptocurrencies.A crypto license program has became available in South Africa.Soon, the nation’s authorized crypto regulator will have the authority to enact new legislation and license suppliers of virtual asset services.