Namibia has adopted regulation of digital assets

In Namibia, a law was signed that regulates the activities of companies providing services related to cryptocurrencies. The date when the document can enter into force will be set by the Ministry of Finance.

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.

The GRIN4 ecosystem

We have created a bot to make money on crypto exchanges. You set the settings, and he trades 24/7. Manage all assets from one service: with your own hands or with the help of algorithmic trading. Anonymously. Simply. Stress-free.