COMMENCEMENT OF THE VIRTUAL ASSETS ACT, 2022 AND ITS REGULATIONS

The Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) hereby informs members of the public of the Commencement of the Virtual Assets Act, 2022 (the Act) and the Virtual Assets Regulations, 2022 (the Regulations) effective February 25, 2022.

The Act seeks to regulate the sale and trade of virtual assets, licensing of virtual asset service providers and issuers of initial token offerings, and to provide for matters connected, incidental and related thereto.

As such, any person wishing to operate as a Virtual Asset Service Provider or An Issuer of Initial Token Offering is required to apply for a license in accordance with the Act and its Regulations. In addition, where on the commencement of the Act, a person is carrying on a Virtual Asset Business, the person shall make an application for a license not later than three (3) months after the commencement of the Act. The Licensing Requirements for VASPs have been duly posted on the NBFIRA website: www.nbfira.org.bw under “all documents” section.

The Public is advised to familiarize themselves with the Act, the Regulations, and other applicable Financial Services Laws.

Click here to download, Licensing Requirements

For further clarification, please contact NBFIRA on 3686100 or 3102595.

Juliana White (Ms)

ACTING DEPUTY CHIEF EXECUTIVE OFFICER - REGULATORY

March 28, 2022