Central Bank working to regulate virtual assets
Bank of Namibia Governor, Johannes !Gawaxab this week said the country is working to regulate virtual assets and drafting a framework for virtual assets and virtual asset service providers.
“A technical committee has been established between the Bank of Namibia and NAMFISA to develop a prudential licensing and regulatory framework for Virtual Assets(Vas) and Virtual Asset Service Providers (VASPs). The Committee is charged with developing a prudential licensing and regulatory framework, and until such a time that it is finalised and operationalised, the public remains cautioned to be careful when investing in virtual assets, as there is no protection should funds so invested be forfeited,” !Gawaxab said.
Bank of Namibia is researching cryptos from currencies to assets to finalise the country’s position !Gawaxab said, adding that the bank has in the meantime introduced a Fintech Framework or Sandbox environment, which allows any innovative entrepreneurs to approach the Bank for consideration of approval to operate their business models in such a controlled and investigative environment before being granted permission to engage the public.