The Zimbabwean government has launched a study to develop regulations for the virtual assets industry.
On June 12, the Zimbabwe Mail reported that the government had set up a committee to collect data from crypto companies operating in the country. This study aims to provide a detailed insight into the country’s crypto industry, including its size and scope.
The committee invites contributions from both local and international crypto companies. The deadline for submission is June 26.
Study to usher in regulatory clarity for Zimbabwe
Nick Mangwana, Zimbabwe’s Permanent Secretary for Information and Publicity, described the investigation as a “comprehensive project”. The aim is to provide an in-depth overview of the country’s crypto sector and serve as a basis for future regulations.
He claimed:
“Firstly, we want to determine the nature and size of the cryptocurrency ecosystem in Zimbabwe. This involves mapping the different actors and activities within the space to gain a clearer picture of its scope and scale.”
He also stressed the importance of assessing the risks of digital assets, such as money laundering and other illegal activities. Mangwana commented:
“Our goal is to evaluate the dangers of cryptocurrencies being misused for money laundering, terrorist financing and other illegal activities. Given the anonymity and decentralization that characterize these digital assets, it is critical to identify and mitigate the associated risks.”
The study is expected to lead to the creation of a comprehensive regulatory framework that will promote innovation and strengthen Zimbabwe’s financial system.
Meanwhile, these efforts reflect how cryptocurrency adoption has skyrocketed in Africa. Many Africans are using crypto to bypass banking and exchange restrictions, and governments are starting to recognize the benefits of assets for their citizens.
As a result, several African countries, including Kenya, are making progress in developing the crypto industry.