New law to force licensing of cryptocurrency traders

Booming trade: Cryptocurrencies have taken the world by storm PIC: ILLUSTRATION.WWW.HP.COM
Booming trade: Cryptocurrencies have taken the world by storm PIC: ILLUSTRATION.WWW.HP.COM

A new bill is set to be placed before next week’s emergency sitting of Parliament which will require virtual asset traders, who include the growing cryptocurrency sector, to secure licences from the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) should they wish to do business in Botswana.

Known as the Virtual Asset Bill, the proposed law was gazetted on December 23 and is one of 16 bills to be tabled before the January 24 emergency sitting of Parliament. Many of the 16 bills are designed to enhance the country’s adherence to the highest global anti-money laundering and combatting the financing of terrorism standards.

In a preamble to the new Bill contained in the Extraordinary Government Gazette, Finance and Economic Development minister, Peggy Serame explained that the proposed legislation is intended to regulate new and developing virtual assets businesses.

Editor's Comment
Tighten the law on drug dealers

Our youth are perishing; their once hopeful bright future is going down the drain; all because of illicit drugs.It is very easy to blame the addict, but it is not as simple as that! Drug dealing is a very lucrative business for some shameless people amongst our society and as such they have come up with tight strategies on how to push their business.Drug addiction is bad, and while the individual on drugs sometimes might have been the one who...

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