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CRYPTOCURRENCY NEWS NEWS REGULATIONS TRADING

Zimbabwe’s VF Stock Exchange Open to Crypto Listing Subject to ‘Regulatory Approval’

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Zimbabwe’s Victoria Falls Stock Exchange (VFSE) is open to listing Bitcoin and other cryptocurrencies says Justin Bgoni. 

Zimbabwe Stock Exchange (ZSE) CEO Justin Bgoni says its licensed subsidiary, the VFEX is open to listing bitcoin and other cryptocurrencies which is dependent on the digital asset issuers getting “regulatory approval.”

According to a local news outlet, VFEX is open to cryptocurrency listing only if the digital asset to be traded on the exchange meets the regulatory requirements for Approval before it will start trading.

Though this may seem to be an exciting moment for the crypto community at Zimbabwe, there is still uncertainties as to whether cryptocurrency will be regulated since there is yet to be any known regulations from the regulators. 

Furthermore, there is no clear requirements or procedures at the moment as to how a cryptocurrency will qualify for listing on VFEX.

Moreover, the news signals an optimistic approach towards cryptocurrencies by the bodies concerned including the country’s apex bank which announced a Regulatory Sandox for cryptocurrency earlier in 2020.

Earlier before now, the Reserve Bank of Zimbabwe announced plans to establish a Regulatory Sandox for cryptocurrency businesses in the country. 

Nigeria recently released it’s Regulations on Cryptocurrency classifying them as Securities through its Securities Exchange Commission (SEC). Nigeria currently remains the only country in Africa with an official clear regulation on cryptocurrency.

While the statements by the ZSE executive appears to be an optimistic one, it is yet to be seen as a route for regulators towards recognizing cryptocurrencies.

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