Namibia has passed a bill in the National Assembly to regulate cryptocurrencies, digital assets, and virtual asset service providers (VASPs) in the country. The legislation aims to establish a framework for licensing and regulating VASPs and appoint a regulatory authority to supervise these providers. The objectives of the bill include consumer protection, prevention of market abuse, and mitigation of risks related to money laundering, financing of terrorism, and proliferation activities associated with digital asset markets. Noncompliant providers could face penalties of up to 10 million Namibian dollars and a 10-year prison term. However, the Bank of Namibia maintains that cryptocurrencies do not hold legal tender status in the country, but it may reassess their acceptance once associated risks are better managed. The bill is awaiting official publication before coming into effect.

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