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CBI Exchange not authorised by Financial Intelligence Centre to handle virtual assets

CBI Exchange not authorised by Financial Intelligence Centre to handle virtual assets

The Financial Intelligence Centre (FIC) said it never authorised CBI Exchange Namibia to operate or carry-on business in the Virtual Asset space as it is not a prudential licensing authority.

This comes after the Centre became aware of a webinar circulating on social media suggesting that the FIC registration of CBI authorises and licenses CBI to render certain services to the public under the authority of the FIC. Virtual assets are cryptocurrencies such as bitcoins.

The Centre said while CIB is registered in accordance with the provisions of the Financial Intelligence Act, it does not amount to prudential licensing and CBI must ensure full compliance with all relevant prudential licensing requirements and other legislative requirements it may be subjected to.

“The FIC encourage all Accountable/Reporting Institutions and persons to refrain from making assertions that FIC licenses, authorises or endorses any business/entity to operate and carry on business in any sector of the economy. Entities and persons advancing such inaccuracies are hereby instructed to immediately seize therewith and desist forthwith,” FIC said in a statement this week.

Institutions intending to or that already provide financial services to the public must prudentially be licensed by relevant prudential authorities such as the Bank of Namibia or Namibia Financial Institutions Supervisory Authority (NAMFISA).


About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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