What is known about the law
Within the framework of the approved law on virtual assets, it is envisaged to create a regulator over service providers, as well as with transactions related to cryptocurrencies.
The law was created, according to the authorities, to protect the rights of ordinary consumers. There is also a standard formulation about money laundering and financing of terrorist activities.
If the recognized norms are violated, the attacker will be fined up to 10 million Namibian dollars. The amount is about 617 thousand dollars. Criminal penalties of up to 10 years are also possible.
This law is the first that deals with the regulation of digital assets. Recall that in 2017, the Central Bank of the country imposed a ban on all cryptocurrency exchanges, as well as the use of crypto assets to pay for products or services. A year later, the opinion has become softer with regard to crypto exchanges. At the same time, the regulator left the position that digital assets cannot be a legal means of payment.
