{"id":53977,"date":"2023-07-07T06:40:25","date_gmt":"2023-07-07T10:40:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=53977"},"modified":"2023-07-07T06:58:07","modified_gmt":"2023-07-07T10:58:07","slug":"namibia-passes-bill-to-regulate-crypto-digital-assets","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/namibia-passes-bill-to-regulate-crypto-digital-assets\/","title":{"rendered":"Namibia Passes Bill to Regulate Crypto, Digital Assets"},"content":{"rendered":"\n

By passing a bill in the National Assembly, Namibia joined other African countries in adopting cryptocurrencies and digital assets<\/a>. <\/p>\n\n\n\n

\"Namibia
Namibia Passes Bill to Regulate Crypto, Digital Assets<\/figcaption><\/figure>\n\n\n\n

The measure, which was approved by Namibia's lower house of parliament on June 22, proposes to control virtual asset service providers <\/a>(VASPs), digital assets, and cryptocurrencies in the nation.<\/p>\n\n\n\n

The law intends to create a framework for approving and overseeing VASPs. Additionally, it proposes to form a regulatory body tasked with monitoring these providers and their operations.<\/p>\n\n\n\n

The primary goals are to safeguard consumers, stop market misuse, and reduce the risks of money laundering, terrorism financing, and proliferation activities related to digital asset markets. <\/p>\n\n\n\n

The legislation also applies to unexpected issues connected to these goals. According to local media sources, the bill is currently awaiting official publication before going into force. <\/p>\n\n\n\n

According to reports, Namibia's Minister of Finance and Public Enterprises, Iipumbu Shiimi, discussed creating a regulatory agency to watch over and issue licenses to VASPs there.<\/p>\n\n\n\n

According to reports, noncompliant suppliers might be subject to fines of up to 10 million Namibian dollars ($671,572) and a 10-year prison sentence. The Bank of Namibia continues to believe that cryptocurrencies are not recognized as legal money in Namibia. <\/p>\n\n\n\n

The Bank of Namibia's director of strategic communications and international relations, Kazembire Zemburuka\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, outlined the bank's position in the report, indicating that the bank will evaluate and make a decision regarding the acceptance of innovations like virtual assets within the financial system once the associated risks of those innovations are better managed.<\/p>\n\n\n\n

The bank declared in 2017 that it was adamantly opposed to using cryptocurrencies as a means of exchanging goods and services. According to the country's decades-old law, it was revealed that virtual currency exchanges<\/a> are not permitted in the African nation.<\/p>\n","protected":false},"excerpt":{"rendered":"

By passing a bill in the National Assembly, Namibia joined other African countries in adopting cryptocurrencies and digital assets. The measure, which was approved by Namibia’s lower house of parliament on June 22, proposes to control virtual asset service providers (VASPs), digital assets, and cryptocurrencies in the nation. The law intends to create a framework […]<\/p>\n","protected":false},"author":43,"featured_media":53979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1949,1526,15171],"class_list":["post-53977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bill","tag-digital-assets","tag-namibia"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/croc_1688680592727.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=53977"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/53979"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=53977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=53977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=53977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}