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.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

Have a Story? Send Us a tip
arrow up