Report: Namibian Parliament Passes Crypto Regulation Bill

The Namibian parliament precocious passed a measure that aims to found a regulatory authorities for cryptocurrencies. According to the Namibian Finance Minister, safeguarding the interests of consumers and combating marketplace maltreatment are immoderate of the reasons wherefore parliament has taken this step.

Mitigating Money Laundering Risks

The Namibian parliament is reported to person passed a measure aiming to legalize cryptocurrencies and found a model for regulating these types of assets. According to the country’s Finance Minister, Iipumbu Shiimi, the instrumentality is expected to assistance authorities safeguard the interests of consumers and to combat marketplace abuse.

In his remarks published by The Namibian, Shiimi besides suggested that the instrumentality volition alteration authorities to woody with wealth laundering risks associated with integer assets.

“The purpose of the authorities was to make a regulatory model to support consumers, and the hazard of wealth laundering is mitigated,” the Minister reportedly said.

The legislative body’s determination to modulate integer assets seemingly contradicts the Bank of Namibia (BON)’s which declared successful the 2nd fractional of 2022 that cryptocurrencies had nary ineligible tender presumption successful the country. The Namibian cardinal slope nevertheless said it would not basal successful the mode of merchants and traders who accepted crypto assets.

Meanwhile, the Namibian parliament’s transition of the measure has been lauded arsenic a measurement successful the close direction. However, immoderate Namibian experts similar Jesaya Hano-Oshike warned the enactment of the instrumentality should not effect successful unnecessary obstacles.

“The authorities should not stifle innovation successful the space, but alternatively promote and foster innovation erstwhile it is done successful the scope of the legislation,” Hano-Oshike.

Financial expert Arney Tjaronda welcomed the transition of the measure but said authorities indispensable not disregard integer assets’ apt interaction connected the country’s fiscal system.

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