Namibian Congress Approves Law Regulating Cryptocurrencies

According to The Namibian, the Namibian parliament recently passed a bill aimed at legalizing virtual assets such as cryptocurrencies and establishing regulations. The bill is currently awaiting gazettal, after which it will be implemented. Namibia’s Finance Minister Iipumbu Shiimi said the new law is important to protect consumer interests, combat market abuse and reduce money laundering and terrorism financing risks associated with the virtual asset market. Under the legislation, individuals or entities that engage in virtual asset services without registering with the regulator could face a fine of up to S$10 million, a jail term of up to 10 years, or both.