TechFlow News, June 12: According to a Reuters report, the Zimbabwean government announced that businesses engaged in buying, selling, transferring, or custodial services of virtual assets must register annually with the Financial Intelligence Unit (FIU) and pay an annual fee of USD 500. Operating without registration will constitute a violation of the law. This marks Zimbabwe’s first dedicated regulatory framework for the cryptocurrency industry, aiming to bring a market long operating informally under formal regulation.
Previously, Zimbabwe banned financial institutions from transacting in cryptocurrencies in 2018, after which such activities shifted to peer-to-peer platforms and social media.
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