The Botswana Financial Stability Council's report states that virtual assets and cyber risks from fintech are currently considered low threats to financial stability in Botswana. However, the report warns that these risks could increase as technological innovation in the fintech sector progresses. Botswana has introduced a virtual assets bill and other legislative proposals to regulate cryptocurrencies, partly motivated by addressing deficiencies in anti-money laundering and counter-terrorism financing. The report also mentions the establishment of a fintech working group to develop a National Fintech Strategy and mitigate vulnerabilities in the technology landscape. The report identifies the risk of emerging digital platforms promoting transaction anonymity, increasing the potential for money laundering and terrorist financing. Measures such as enhanced monitoring and collaboration with law enforcement agencies are suggested to mitigate these risks.



Other News from Today