Sun. Jun 23rd, 2024

Breaking! Botswana Passes Crypto Regulatory Bill.

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Botswana lawmakers today, passed a bill to regulate the trading of cryptocurrencies and other digital tokens, according to Finance Minister, Peggy Serame.

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The Virtual Assets Bill is expected to help the country further tighten anti-money laundering following its removal from the Financial Action Task Force (FATF) list of countries that have shortcomings in combating money laundering and terrorist financing in October 2021.

The development follows two months after the Central Bank of Botswana warned the public of the risks of investing in cryptocurrencies due to their unregulated nature.

“The Bank of Botswana does not believe in cryptocurrency because it has failed as a unit of account and a medium of exchange that is widely accepted. It has no backing of the state or central bank concerning legal tender status, exchange or value,” the government of Botswana made the statement in November 2021.

The new turn-around bill will not require anyone seeking to offer crypto services to get a license from the Non-Bank Financial Institutions Regulatory Authority.

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