Crypto operators face licensing deadline, steep fines

This comes as the Virtual Asset Act and its regulations came into effect on February 25, with a grace period of three months for operators to regularise.

The new Act and its regulations make Botswana one of a handful of countries in the world to attempt to regulate the multi-billion pula crypto market. Parliament passed the Act in an emergency sitting in February as part of a wide-ranging effort to plug loopholes in the country’s money-laundering and financing of terrorism response.