The Namibia Virtual Assets Act has become law, with plans to designate industry regulatory body.

Odaily News: The Namibian government has turned the Virtual Assets Act into law last Friday and plans to designate a regulatory body to oversee the virtual assets industry.



The Namibia Virtual Assets Act 2023 aims to help Namibia designate a regulatory authority to oversee and supervise virtual asset service providers and their activities. The act also aims to ensure consumer protection measures and prevent market abuses and money laundering issues. This is the country's first legislation governing how cryptocurrency should be handled and was passed by the National Assembly last month.



The act was published in the Official Gazette of the Republic of Namibia last Friday, meaning that it has now become law. However, Diana Vivo, partner at law firm Ellis Shilengudwa Incorporated, stated that "it has not yet come into effect and will take effect on a date determined by the Namibian Minister of Finance."



The designated regulatory body in the country will soon have the authority to issue licenses to virtual asset service providers and enact new laws. (CoinDesk)