Crypto operators face licensing deadline, steep fines

Tougher rules: Botswana has become one of a handful of countries in the world which regulates the cryptocurrency industry PIC: GETTYIMAGES
Tougher rules: Botswana has become one of a handful of countries in the world which regulates the cryptocurrency industry PIC: GETTYIMAGES

Cryptocurrency operators active in the local market have until May 25 to secure operating licences from the Non-Bank Financial Institutions Regulatory Authority or face fines of up to P250,000 and/or five years in jail, BusinessWeek can reveal.

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.

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Parents should be more proactive in children’s lives

Parents need to pay particular attention to their children to ensure they grow up in a healthy environment that supports their development and mental health. Healthy attachments between parents and children foster strong bonds, creating a solid foundation for future leaders.In many African cultures, there is a common perception that parents should use a stick to discipline naughty children. While disciplining children is important, it is equally...

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