Zimbabwe has introduced its first dedicated regulatory framework for cryptocurrency businesses, requiring firms involved in buying, selling, transferring, or safeguarding digital assets to register annually with the Financial Intelligence Unit. Companies must pay a yearly registration fee of $500, and operating without authorization is now an offense. The move marks a significant shift for a sector that has largely operated informally since authorities barred financial institutions from dealing in cryptocurrencies in 2018. Crypto adoption in Zimbabwe has been driven by years of hyperinflation, currency instability, and expensive remittance channels, leading many citizens to seek alternatives such as Bitcoin. The new rules align Zimbabwe with several African countries, including Nigeria, South Africa, Kenya, and Mauritius, that have moved to regulate digital assets as cryptocurrency use expands rapidly across the continent.
Reuters
