Hey everyone this is lucky ali and welcome back to another crypto article of mine. On 13th January, the Bank of Namibia announced the provisional authorization of two entities, Landifa Bitcoin Trade, and Mindex Virtual Asset Exchange, to act as Digital asset service providers.
The Central Bank of Namibia announced on 13th January that it had granted two entities provisional authorization to act as VASPs, which are virtual asset service providers in full form. Landifa Bitcoin Trade CC and Mindex Virtual Asset Exchange (Pty) Ltd received the authorization under Namibia country’s Virtual Assets Act 2023.
Provisional authorization is the first step
According to a statement from the Bank of Namibia, in a two-step regulatory process, provisional authorization is the 1st step. Certain conditions must be met before full authorization is granted. Namibia joins Nigeria and South Africa countries, which have also authorized certain VASPs to operate so Namibia going that way By granting these VASP authorizations.
As many News reported in July 2023, Namibia country moved closer to recognizing crypto assets when legislators passed a bill legalizing use. At the time, the finance minister of Namibia country claimed that the crypto bill’s passage would help regulators protect consumer interests in the crypto field. The legal framework of cryptocurrencies established by the bill would also enable authorities to combat cryptocurrency-related money laundering.
Before the bill was passed, like their counterparts on the African continent, the Authorities of Namibia had repeatedly warned residents against the use of cryptocurrencies. In 2022's last quarter, the central bank began taking steps towards recognizing crypto assets, but they warned of the risks in trading crypto or using it.
Full authorization of entities that meet its requirements
However, more than two years after warning Namibia's people against crypto trading, the central bank said it would grant full authorization of crypto to entities that meet its requirements. However, the central bank clarified that provisional authorization does not allow applicants to start crypto operations.
the central bank said “It is important to note that during the 6 month provisional authorization period, in Namibia, entities are not permitted to associate with persons or entities or transact any business. This restriction ensures that before operations can commence, all regulatory compliance requirements are fully met,”.
The bank also said that it is committed to promoting a regulated and safe financial environment in the country, especially for crypto-related things. The bank also said that it will continue to release updates on the progress of these institutions. So this is a big update for the crypto community and this shows us how adoption is going on in the crypto field.
This is another positive update for the crypto and I want to know your opinion regarding this please share comments below. also, share this post on social media thank you and have a good day.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |