Namibia Approves Crypto Regulation Bill, Joins Other African Nations in Embracing Digital Assets

Editorial Desk
By Editorial Desk 3 Min Read

Namibia has approved a crypto regulation bill in the National Assembly, joining other African nations in embracing cryptocurrencies and digital assets.

The bill, which was passed in Namibia’s lower house of parliament, aims to regulate digital assets, cryptocurrencies, and virtual asset service providers (VASPs) in the country.

The legislation is designed to establish a comprehensive framework for licensing and regulating VASPs in Namibia. It also seeks to appoint a regulatory authority responsible for supervising these providers and their activities.

This move by Namibia reflects the country’s commitment to fostering a secure and well-regulated environment for crypto-related activities.

The bill is now awaiting official publication before coming into effect, according to local media reports. Once implemented, it will provide clarity and legal certainty to individuals and businesses operating in the crypto space in Namibia.

Meanwhile, in the United Kingdom, lawmakers are making progress in expanding authorities’ ability to target cryptocurrencies used for illicit purposes. Reports indicate that lawmakers in the upper house of the UK Parliament’s House of Lords conducted a third reading of the Economic Crime and Corporate Transparency Bill earlier this week.

The bill, introduced in September 2022, aims to streamline law enforcement’s authority to crack down on crypto-related financial crime.

The global crypto community is also buzzing with discussions surrounding pop star Justin Bieber and his investment in a Bored Ape non-fungible token (NFT). A tweet featuring a screenshot of the purchased NFT, which was once valued at $1.31 million, has sparked reactions and debates among cryptocurrency enthusiasts.

The NFT’s value has now dropped by 99% to a mere $59,090, leading some to express skepticism about the long-term viability of NFTs.

In other news, cryptocurrency exchange Binance has witnessed the departure of several top executives. According to a Fortune report, Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie have all resigned from the company. This comes as the exchange prepares to defend itself on multiple fronts.

These recent developments in the crypto industry highlight the ongoing challenges and opportunities in the rapidly evolving world of digital assets. As more countries embrace cryptocurrencies and establish regulations, the industry will continue to mature, providing a more secure and transparent ecosystem for users and investors alike.

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