The Bank of Namibia (BoN) has granted six-month provisional licenses to two cryptocurrency firms, Mindex Virtual Asset Exchange and Landifa Bitcoin Trade CC. The companies are expected to fulfil all regulatory requirements during this period to qualify for full licensing.
Key Details:
Restricted Operations: The firms are limited to a regulatory sandbox and can not engage with the public until approved.
Compliance Deadline: BoN reserves the right to approve or reject the licenses before or at the end of six months.
Next Steps: Companies must establish infrastructure, hire personnel, and meet compliance standards.
Regulatory Context:
Namibia initially opposed crypto use but revised its stance in 2022, allowing merchants to accept Bitcoin at their discretion.
In 2023, Namibia passed a law regulating digital assets, banning foreign crypto exchanges, and requiring local VASPs to maintain user transaction records.
BoN Communications Director Kazembire Zemburuka stated that the firms must meet all compliance conditions before interacting with the public, ensuring a secure and regulated crypto environment.
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