New regulations require cryptocurrency businesses to register with the central bank or face penalties, marking the country’s first formal oversight of the sector.
Zimbabwe will enforce annual registration for cryptocurrency businesses at a cost of $500, targeting firms involved in trading, transfers, or asset safeguarding. The Financial Intelligence Unit, under the central bank, will oversee compliance, with unregistered operations now deemed illegal.
The move introduces the first dedicated regulatory framework for a sector previously operating informally. A 2018 ban on bank crypto transactions pushed activity underground, while hyperinflation and currency instability drove demand for digital assets as alternatives to traditional banking.
Remittances and high transfer costs have further fueled crypto adoption, with Zimbabwe joining global efforts to regulate the industry amid concerns over fraud and exchange failures.