The Ethiopian Information Network Security Administration (INSA) has issued a new decree on cryptocurrencies.
According to the decree, all crypto businesses operating in the country must register with INSA within 10 days. Businesses that do not register will face major criminal penalties in the country.
According to INSA, the main purpose of the regulation is to prevent fraudulent activities that occur over crypto. INSA recently announced that since July 2021, cyber attacks and cyber fraud crimes in the country have decreased by 97%.
Interest in cryptocurrencies continues to increase all over the world. Investors flock to cryptocurrency The industry is not affiliated with any state. Therefore, states regulate cryptocurrencies as much as they can by taking different approaches. El Salvador countries are trying to attract the attention of crypto investors. Chinese Some countries, such as cryptocurrencies, impose very harsh restrictions.
It has tried to ban crypto mining and cryptocurrencies in the country in the past years. Ethiopiaone of the countries with a restrictive attitude.
The statement made by the Central Bank of Ethiopia in June before this regulation is confusing. In June, the Chairman of the MB stated that only paper money is officially recognized in the country, cryptocurrencies are illegal and users who transact on cryptocurrencies will be subject to legal sanctions.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!