Namibia's government is set to designate a regulatory authority to oversee the virtual asset industry after moving its virtual assets bill into law Friday.

The Namibia Virtual Assets Act 2023 aims to help the south African country designate a regulatory authority to regulate and supervise virtual asset service providers and related activities. It is also supposed to ensure consumer protection, prevent market abuse and money laundering among other things. It is the country's first bill setting out how crypto should be treated, and was passed by the National Assembly last month.

It was put into the Gazette of the Republic of Namibia on Friday, meaning it's now law. However, it's "not yet effective," said Diana Vivo, an associate at the law firm Ellis Shilengudwa Incorporated, a part of DLA Piper Africa.

"[It] will only become effective on a date to be determined by the Minister of Finance of Namibia," she told CoinDesk.

Nations around the world, like the European Union, U.K. and South Korea are amping up their regulation of crypto related activities. South Africa recently opened up a crypto licensing regime.

The country's designated crypto regulator will soon have powers to license virtual asset service providers and make new laws.

Source