Namibia Embraces Crypto
Adekunle Joshua
The Namibia government has officially signed a law to regulate Virtual Asset Service Providers, reversing the 2017 decision to ban crypto exchange
On July 21, the VASP-regulating law was inserted into the Gazette of the Republic of Namibia after approval in the National Assembly on July 6 and signed by President Geingob on July 14
The Namibia Virtual Assets Act 2023 assigns a regulatory authority to supervise crypto exchanges in the country, ensuring consumer protection, and combating money laundering
Non-compliant providers may face penalties up to $671,000 and 10 years in prison
