The Bank of Namibia temporarily authorizes crypto licenses for both Mindex and Landifa Bitcoin Trade, enabling them to start their operations in anticipation of a full approval.
The Bank of Namibia has temporarily allowed Mindex Virtual Asset Exchange (Pty) Ltd. and Landifa Bitcoin Trade CC to prepare their operations. However, these companies are not yet authorized to offer services to the public. They must still present themselves to the central bank for final approval before they can commence service provision.
Temporary licenses last for six months, allowing individuals to establish their businesses, employ staff, and build necessary infrastructure within this period. Yet, they cannot interact with the general public until all requirements set by the central bank have been fulfilled.
If businesses complete their preparations ahead of the six-month deadline, Kazembire Zemburuka, a representative from the bank, noted, the central bank could potentially conduct an inspection of their operations. Additionally, these companies might start functioning earlier than anticipated if the bank is prepared to grant final approval immediately once they fulfill all necessary conditions.
Namibia Sets Conditions for Provisional Crypto Licenses in New Law
In July 2023, Namibia’s Parliament passed the Virtual Assets Act, granting provisional licenses. This law was signed by former President Hage Geingob. The licensing procedure involves a two-step process: first, banks receive a conditional provisional license; upon fulfilling these conditions, they can then apply for full approval to commence operations.
For a six-month temporary approval, these companies must adhere to all prerequisites for a full license. During this interim phase, they won’t be permitted to conduct any business operations. If they manage to meet the required conditions ahead of schedule, the final license could be granted sooner. However, it’s important to note that they cannot interact with people or other companies in Namibia until they comply with all regulatory standards.
In line with this commitment, the Bank of Namibia is dedicated to ensuring a secure and controlled financial landscape within the nation. They will continue to provide updates on the advancements made by these companies.
Countries across Africa are also working to control the cryptocurrency market. Various nations have enacted legislation or initiated public discussions on drafting new regulations for digital currencies.
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2025-01-17 09:35