Zimbabwe has taken its first steps towards regulating the cryptocurrency market with the introduction of dedicated crypto rules.
The Virtual Asset Service Providers Registration regulations require virtual asset businesses to register with the Financial Intelligence Unit, or risk operating illegally.
The registration process applies to exchanges, custodians, transfer services and other virtual asset firms, and must be done annually. The registration fee is $500.
This move marks a significant shift from Zimbabwe's earlier stance on crypto, which was restricted in 2018. Financial institutions were prohibited from dealing with crypto-related activity, pushing the market into peer-to-peer channels.