Treasury gazettes SI to regulate cryptocurrencies
STAFF WRITER
Treasury has gazetted Statutory Instrument (SI) 99 of 2026, establishing a legal framework for the regulation of cryptocurrencies in a move expected to unlock investment opportunities and position Zimbabwe within the global digital economy.
The Money Laundering and Proceeds of Crime (Virtual Asset Service Providers Registration) Regulations, 2026, gazetted by the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, create, paves way for the establishment of cryptocurrency exchanges, digital asset platforms and other virtual asset businesses to operate legally in Zimbabwe.
The new regulations signal a major policy shift from uncertainty to structured oversight, placing Zimbabwe among a growing number of countries seeking to harness opportunities presented by digital assets while safeguarding the financial system against money laundering and other illicit activities.
In outlining the rationale behind the framework, Government said the regulations are anchored on key principles including market integrity, consumer protection, financial stability, innovation, transparency and accountability, risk management, global interoperability, and the promotion of trust and confidence.
According to the SI, “clear rules encourage responsible innovation, giving entrepreneurs confidence to build new products and services,” while “harmonised principles across jurisdictions allow VASPs to operate internationally, supporting cross-border commerce.”
Under the new framework, entities wishing to provide virtual asset services will be required to register with the relevant authorities, establish a physical presence in Zimbabwe, maintain local directors and appoint a compliance officer resident in the country.
Applicants will also be required to submit extensive documentation, including anti-money laundering policies, risk assessments, ownership structures, tax clearance certificates and cybersecurity measures.
To enhance transparency, every licensed operator will be assigned a registration number and included in a public register maintained by the authorities.
The SI further stipulates that virtual asset service providers must prominently display their certificates of registration in both physical and digital formats, accompanied by a QR code directing users to their official registry entry.
Beyond conventional cryptocurrency exchanges, the regulations extend to emerging decentralised finance (DeFi) platforms and other blockchain-based services.
According to the SI, a person will be deemed to be providing virtual asset services where that individual “exercises control over, or provides the essential means for, the operation of a software protocol, smart contract, decentralised application, or similar technological arrangement” that facilitates virtual asset activities.
Authorities have simultaneously strengthened safeguards against money laundering and illicit financial flows by introducing the internationally recognised “Travel Rule”, which requires virtual asset service providers to collect, verify and transmit customer information during transactions.
