Namibia regulates crypto and digital assets with new bill.

Namibia has approved a bill in the National Assembly to regulate digital assets, cryptocurrencies, and virtual asset service providers (VASPs). The bill aims to establish a framework for licensing and regulating VASPs and appoint a regulatory authority to supervise these providers and their activities. The main objectives include consumer protection, preventing market abuse, and mitigating the risks of money laundering, financing terrorism, and proliferation activities associated with digital asset markets. The bill is awaiting official publication before coming into effect. Noncompliant providers could face penalties of up to 10 million Namibian dollars ($671,572) and a 10-year prison term. However, the Bank of Namibia maintains that cryptocurrencies do not have legal tender status in the country. The bank will assess and make a decision regarding their acceptance within the financial system once the associated risks are better managed. In 2017, the bank stated its strong opposition to the use of cryptocurrencies as a method of payment under its existing law.