• The government of Zimbabwe has introduced the first dedicated rules for the crypto industry.
• Crypto companies will be required to register annually and pay $500.
• Operating without registration will be considered an offense.

The government of Zimbabwe has introduced new rules for the cryptocurrency industry that require mandatory annual registration of companies working with digital assets. This was reported by Reuters.

The new requirements have become the first dedicated regulatory framework for the country's crypto sector, which until now had operated primarily in an informal format, the statement says.

New requirements

According to the regulations approved by Finance Minister Mthuli Ncube, all companies engaged in buying, selling, transferring or storing virtual assets must register annually with the Financial Intelligence Unit (FIU), which operates under the country's central bank.

The cost of registration will be $500 per year. At the same time, operating without the appropriate registration will officially be considered an offense.

Reuters recalled that in 2018 the Zimbabwean authorities banned financial institutions from conducting transactions with cryptocurrencies. Because of this, most traders switched to P2P platforms and trading via social networks.

In addition, the journalists noted that the introduction of the new rules has become part of a global trend toward tightening regulation of the crypto industry following a series of exchange bankruptcies, fraudulent schemes and concerns about money laundering.

Local crypto trader Jeffrey Mutambiranva assessed the new rules positively.

"This is a positive step. It's also good that traders will no longer have to operate underground," he told Reuters.

Recall that in June 2024 Zimbabwe set up a committee to regulate the crypto industry.

Source: Incrypted