Namibia's central bank has granted provisional licenses to two cryptocurrency exchanges, Mindex Virtual Asset Exchange and Landifa Bitcoin Trade, allowing them to operate as virtual asset service providers. However, they must receive final approval from the central bank before offering services to the public. The licenses, valid for six months, allow the companies to establish their operations. If they meet all requirements, the central bank can grant approval earlier, allowing them to engage with the public. Non-compliant providers face penalties under the Namibia Virtual Assets Act, including fines and imprisonment. The Bank of Namibia retains oversight to prevent money laundering and financial crimes. Additional African countries like Kenya, Botswana, Mauritius, and Seychelles have also introduced laws to regulate the digital currency sector.



Other News from Today