Zambia’s minister of innovation, science, and technology, Felix Mutati, revealed in an interview that its crypto regulations testing is expected to conclude by June 2023. Zambian Securities and Exchange Commission and the central bank are conducting these tests to establish a regulatory framework for cryptocurrencies in the country.
The country’s move to regulate digital assets shows its unwavering interest in the industry. This framework is expected to increase the adoption of virtual assets while protecting intending and existing investors.
Mutati Sees Zambia’s Crypto Regulation Tests Wrapping Up In June
Mutati highlighted that the tests aim to contribute to the laydown regulations in the crypto space. The testing involves working with various stakeholders in the crypto industry to develop policies and regulations that will promote industry growth while ensuring consumer protection. It also aims at addressing the risks of digital currencies.
Mutati also cited that the tests, which began on February 19, 2023, will also balance the areas of innovation and safety in the nation.
The fact that the government embraces this development shows a collaboration between Zambia’s SEC and the central bank. This will also guarantee that the move complies with the central bank’s policies on cryptocurrencies.
Further, Mutati stated that Zambia had been gradually warming to digital assets and blockchain technology. This development indicates that the country’s government is aware of the potential of these technologies to transform the country’s economy, particularly in cross-border payments and financial inclusion.
However, he highlighted that digital infrastructures and identities must already be functional before introducing digital assets in Z
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Author: Eli Dambell
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