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Namibia and Crypto Regulation: Crypto Exchange Bill Signed into Law
Namibia is now among the African countries that are trying to regulate the activities of virtual asset service providers (VASPs). The bill that is intended for reaching this goal passed the lower House of Parliament on June 22. It establishes a structure to license and regulate VASPs and their work. The National Assembly of Namibia approved the bill on July 6, and on July 14, it was signed by President Hage Geingob. The text of the document was published in the Gazette of the Republic of Namibia on July 21.
The Essence of the New Regulations for Virtual Asset Service Providers
The recently signed bill aims to protect crypto users and implement structures to reduce money laundering and other illegal activities associated with virtual assets. However, the date of enforcement for the new law remains unclear, as it will be determined by the country’s Ministry of Finance.
The essence of the law, as stated in t
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