Namibia Approves Bill to Regulate Cryptocurrencies & Digital Assets

Namibia's National Assembly Approves Bill to Regulate Cryptocurrencies 

Namibia's National Assembly has passed a bill to regulate digital assets and cryptocurrencies, signaling a positive stance toward the industry. The legislation aims to establish a framework for licensing and regulating virtual asset service providers while ensuring consumer protection and preventing illicit activities such as money laundering and terrorism financing. Non-compliant providers may face fines of up to $671,572 or a 10-year prison term. However, the Bank of Namibia maintains its position that cryptocurrencies lack legal tender status in the country, although it will assess their acceptance once associated risks are better managed.