Zimbabwe Cracks Down on Unregulated Crypto Industry with New Registration Requirements

Zimbabwe has taken a significant step towards regulating its cryptocurrency sector by requiring businesses to register and pay annual fees. The move is aimed at bringing the largely informal market under regulatory oversight, with the Financial Intelligence Unit (FIU) being the registration authority.

The regulations, issued by Finance Minister Mthuli Ncube, will cost $500 per year for businesses involved in buying, selling, transferring, or safeguarding virtual assets. Operating without registration is now an offense, marking a significant shift from the sector's previous lack of regulation.

Zimbabwe's move comes as part of a broader global effort to regulate cryptocurrencies following high-profile exchange failures and concerns over money laundering. The country joins a growing number of African nations, including South Africa, Nigeria, Kenya, and Mauritius, that have moved to regulate digital assets as crypto use surges across the continent.

The regulations are seen as a positive development by some in the industry, with Harare crypto trader Jeffrey Mutambiranwa stating, 'This is a welcome development... It's also good for traders that they don't have to operate underground.'