In a significant policy shift, the Namibian government has officially signed the Namibia Virtual Assets Act 2023 into law to regulate Virtual Asset Service Providers (VASPs). This landmark legislation, which marks the country’s first legal framework for cryptocurrency-related activities, aims to oversee crypto exchanges, ensure consumer protection, prevent market abuse, and mitigate money laundering and terrorist financing risks. Penalties for non-compliance could reach up to $671,000 and 10 years in prison. However, the country’s central bank maintains that cryptocurrencies will not be considered legal tender. The effective date of the new law will be determined by the Ministry of Finance.
Source: https://cointelegraph.com
