Officials from the African country Botswana, cryptocurrency announced that the bill that will regulate digital tokens and digital tokens has passed the parliament.
The country’s finance minister, Peggy Serame, stated that the said step was taken as a precaution against the increasing money laundering crimes.
The “Virtual Assets Law”, which started to be discussed in the country two months ago, passed the parliament unanimously. Lawmakers said leaving the cryptocurrency industry adrift would lead to a “wild west” mood in the financial sector and hamper the country’s anti-money laundering actions.
The South African country of Botswana was removed from the list of “countries subject to greater surveillance” of the Financial Action Task Force on Anti-Money Laundering in October, after concrete steps taken to prevent money laundering.
Those Who Want to Offer Cryptocurrency Services in the Country Will Have to Get a License
The enactment of the bill comes two months after the country’s central bank said it was too risky to invest in an unregulated cryptocurrency market.
In Botswana with the new law bitcoin Anyone who wants to provide crypto money or digital token services, such as cryptocurrencies, must obtain a license from the country’s Non-Bank Financial Institutions Regulatory Authority and comply with the terms here.
With this step, the African country joined countries such as the USA, South Africa, Russia and China, which want to subject cryptocurrencies to tighter control.
The bill will go into effect once it receives approval from the head of state, the country’s finance minister said on Wednesday.