Zimbabwe will require cryptocurrency businesses to register and pay annual fees, marking the country’s first dedicated attempt to bring the sector under formal oversight.
Businesses involved in buying, selling, transferring, or safeguarding virtual assets must register each year with the Financial Intelligence Unit, an anti money laundering body housed within the central bank.
Registration will cost $500 per year, and operating without approval is now an offence under regulations issued by Finance Minister Mthuli Ncube.
The rules mark a shift for a crypto market that has largely operated underground for years. Zimbabwe banned financial institutions from trading cryptocurrency in 2018, pushing activity toward peer to peer platforms, informal brokers, and social media channels.
Crypto adoption in Zimbabwe has been shaped by the country’s long history of monetary instability. Hyperinflation in the late 2000s wiped out savings and pensions, while repeated currency changes weakened trust in the banking system.
