Zimbabwe Requires Annual Registration and $500 Fee for Crypto Asset Businesses

Zimbabwe’s finance minister, Mthuli Ncube, has issued new rules requiring all cryptocurrency businesses involved in virtual asset trading, transfers, or custody to register annually with the Financial Intelligence Unit (FIU), an anti-money laundering body under the central bank, and pay a $500 annual fee. According to PANews, Reuters reported that operating without registration will be illegal. The rules establish the country’s first dedicated regulatory framework for a crypto market that has long lacked specific oversight and has mainly operated over-the-counter and via social media. Zimbabwe previously banned financial institutions from participating in cryptocurrency transactions in 2018. The report said that amid hyperinflation and multiple currency reforms, residents have turned to digital assets such as Bitcoin and to cross-border remittances, contributing to a surge in crypto use.