Namibia Passes Bill for Licensing and Regulating Virtual Asset Service Providers
Namibia’s National Assembly has adopted a bill to regulate digital assets, cryptocurrencies, and digital asset service providers in the country.
The Virtual Asset Bill, introduced by the Minister of Finance and Public Enterprises, Ipumbu Shiimi, passed the parliament's lower house in June, aiming to provide a framework for regulating and licensing virtual asset service providers (VASPs).
According to the document, the bill was introduced:
"For purposes of ensuring consumer protection, preventing market abuse and preventing or mitigating the risk of money laundering and financing of terrorism and proliferation activities posed by virtual assets markets; and to provide for incidental matters."
A person can't operate as a VASP unless they have a registered and licensed company incorporated or registered in Namibia.
They also must have a registered office or place of business in the country where they keep books of all transactions.
The bill states that,
A person who fails to comply with the rules “commits an offence and is liable upon conviction to a fine not exceeding N$10 000 000 [$523,835] or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment.”
The legislation also aims to appoint a regulator in charge of supervising the VASPs and their services.
The ‘Regulatory Authority’ has the powers to appoint inspectors; make rules; issue directives and take enforcement against licence holders and other persons; publish guidelines; determine fees; advise the Minister on all matters relating to virtual assets, etc.
It’s also in charge of promoting investor education and “other conditions that facilitate innovation and development of virtual assets.”
The Regulatory Authority may cancel or suspend
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