The Government of Namibia has come up with a law to regulate Virtual Asset Service Providers (VASPs) operating in the country. Earlier in 2017, the government barred cryptocurrency exchange in the region.
The VASP- regulating law was added in the Gazette of the Republic of Namibia on July 21, 2023, and it was duly approved in Namibia National Assembly on July 6. The president of the nation signed it on July 14.
The bill passed is known as Namibia Virtual Assets Act 2023, which aims to assign a regulatory authority to supervise crypto exchanges in the nation. It is the foremost law to regulate cryptocurrency-related activities.
The law aims to ensure consumer protection, avoid market abuse and mitigate the risk of money laundering and financially supporting terrorist activities. According to the law, crypto exchanges failing to comply will be fined 10 Million Namibian dollars and 10 years of Jail.
Moreover, the Central Bank of Namibia made it clear that cryptocurrencies will not hold legal tender status in the country. It is important to note that El Salvador and the Central African Republic are the only two nations that have legalized Bitcoin.
Georgia To Enact New Laws For VASPs
Georgia, one of the most cryptocurrency-friendly nations, is introducing new crypto rules to achieve its goal of being a worldwide crypto hub.
A local news source reported that the new regulation requiring the monitoring of VASPs would take effect on September 1, 2023. According to National Bank of Georgia (NBG) Vice Governor and Acting Governor Archil Mestvirivili, this regulation would benefit the nation in combating money laundering.
He said that the NBG is the principal organization responsible for ensuring that sanctions are being followed.
The Central Bank of Georgia has already started working towards crypto market utilization. This includes registration, licensing, compliance testing, and anti-money laundering control requirements.
In the past few days, the crypto market slipped significantly, and some leading digital assets, such as Bitcoin, Ethereum, XRP, Gala, and others, lost 1-15%. Despite this decline, Dogecoin, Maker token, and THETA opposed the fall and surged over 5-16% weekly.
However, analysts believe that the reason behind DOGE’s ascending price is the recent update on Twitter and viral statements of centi billionaire Elon Musk.
The entire volume of the cryptocurrency market during the last 24 hours was $26.5 Billion, a 22.61% decline. DeFi’s total 24-hour volume is $2.39 Billion or 9.02% of the overall crypto market volume.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
https://www.thecoinrepublic.com/2023/07/26/namibian-government-turns-crypto-exchange-regulation-bill-into-law/
