Namibia’s Central Bank Grants Temporary Licenses to Two Crypto Exchanges to Set Up Operations
Date: 2025-01-17 Author: Gabriel Deangelo Categories: IN WORLD
The temporary permit allows the platforms to adapt to the established requirements. Kazembire Zemburuka, a representative of the Central Bank of Namibia, emphasized that if the companies successfully fulfill all obligations ahead of the deadline, the regulator will consider early approval of their activities. In this case, the exchanges will be able to start servicing traders before the end of the six-month period.
These temporary licenses are in line with the provisions of the Namibian Virtual Assets Act, which was passed by the National Assembly and signed into law by former President Hage Geingob in mid-2023. The law provides for severe penalties against violators, including a fine of up to N$10 million (approximately $528,000) or up to 10 years in prison.
It is worth noting that in 2022, the first Crypto Kiosk crypto ATM was installed in the capital of Namibia, Windhoek, which made it possible to exchange bitcoins and ethers for local currency.
