Zimbabwe Introduces First Crypto Rules, Requires Registration for Service Providers

Zimbabwe has introduced its first dedicated regulatory framework for the virtual-asset industry.

Zimbabwean Finance Minister Mthuli Ncube approved new rules requiring virtual-asset businesses to register, Reuters reported on June 14, citing The Block.

Under the new rules, companies offering virtual-asset trading, transfer and custody services must register annually with the Financial Intelligence Unit under Zimbabwe’s central bank. The registration fee is $500, and renewals cost $400.

Zimbabwe banned banks and other financial institutions from handling virtual assets in 2018. Since then, crypto trading has largely taken place through peer-to-peer transactions and social media. The new system keeps the existing ban in place while bringing part of the informal market into a formal framework.

Cryptocurrencies such as Bitcoin have been used in Zimbabwe as a store of value after past hyperinflation and repeated currency reforms severely damaged trust in the financial system. Demand for cross-border remittances has also helped drive wider crypto use.

Zimbabwe’s move also aligns with a broader push across Africa to formalize crypto oversight. South Africa supervises related businesses through the Financial Sector Conduct Authority, while Nigeria operates a licensing regime led by its Securities and Exchange Commission. Kenya also enacted its Virtual Asset Service Providers Act last year.

Zimbabwe’s registration costs are relatively low compared with those in other countries. In Nigeria, applicants must place about 500 million naira, or about $367,000, on deposit at a local bank to obtain a license.

Chainalysis said on-chain crypto transaction volume in sub-Saharan Africa topped $205 billion from July last year through June this year, up 52% from a year earlier.