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Namibia's Crypto Assets Bill Is Now a Law
Namibia's virtual assets bill became an act and was put into law on Friday according to the Gazette of the Republic of Namibia.
Namibia's government is set to designate a regulatory authority to oversee the virtual asset industry after moving its virtual assets bill into law Friday.
The Namibia Virtual Assets Act 2023 aims to help the south African country designate a regulatory authority to regulate and supervise virtual asset service providers and related activities. It is also supposed to ensure consumer protection, prevent market abuse and money laundering among other things. It is the country's first bill setting out how crypto should be treated, and was passed by the National Assembly last month.
STORY CONTINUES BELOW
It was put into the Gazette of the Republic of Namibia on Friday, meaning it's now law. However, it's "not yet effective," said Diana Vivo, an associate at the law firm Ellis Shilengudwa Incorporated, a part of DLA Piper Africa.
"[It] will only become effective on a date to be determined by the Minister of Finance of Namibia," she told CoinDesk.
Nations around the world, like the European Union, U.K. and South Korea are amping up their regulation of crypto related activities. South Africa recently opened up a crypto licensing regime.
The country's designated crypto regulator will soon have powers to license virtual asset service providers and make new laws.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
