Will the new cryptocurrency Bill sweeten or sour the industry?

In the news: Cryptocurrency trades are due for regulation in the country PIC: THE ECONOMICTIMES.COM
In the news: Cryptocurrency trades are due for regulation in the country PIC: THE ECONOMICTIMES.COM

New legislation governing the trade of virtual assets such as cryptocurrencies, is due in Parliament next week, marking the country’s first official ‘acknowledgement’ of the trillion-dollar industry. Staff Writer, MBONGENI MGUNI, speaks to crypto veteran, Adams Moumakwa* on the implications of the Virtual Assets Bill

Mmegi: How feasible is it that the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) would attempt to license companies offering virtual assets such as cryptocurrencies to Batswana, given that in most cases these products are not offered by registered companies?

Moumakwa: For people who understand the principle behind cryptocurrency as established by its originators, licensing will always be interesting. However, licensing itself is not a strange intention. Virtual assets, especially cryptocurrencies, which are the real target of the Bill, are a specialised, highly technical area. Therefore, it is not entirely surprising that one would think of a licence because of the nature of the business, which plays in the financial services ground. Big cryptocurrency providers like Coinbase in the United States of America, are licensed to provide their services.

Editor's Comment
Our hopes are on you!

The elections had two teams namely: Team Reshaping MISA and Team Integrity. All Team reshaping MISA member won except for one candidate for the Secretary post. One can say it was a long road to the elections, looking at the fact that it took four years for the elections to be held. MISA board elections are supposed to be held every two years, but they could not be held in time due to the outbreak of the COVID-19 pandemic, which affected many...

Have a Story? Send Us a tip
arrow up