The Zimbabwean government has initiated a study to develop regulations for the virtual asset industry.On June 12, the Zimbabwe Mail reported that the government had established a committee to collect data from crypto companies operating within the country. This study aims to provide a detailed understanding of the country’s crypto industry, including its size and scope.The committee is inviting contributions from both local and international crypto firms. The submission deadline is June 26.Nick Mangwana, Zimbabwe’s Permanent Secretary for Information and Publicity, described the study as a ‘comprehensive project.’ Its goal is to offer an in-depth overview of the country’s crypto sector and serve as a foundation for future regulations.He stated:“Firstly, we aim to determine the nature and extent of the cryptocurrency ecosystem in Zimbabwe. This involves mapping out the various actors and activities within the space to get a clearer picture of its scope and scale.”He also emphasized the importance of assessing digital assets risks, such as money laundering and other illicit activities. Mangwana noted:“Our objective is to evaluate the dangers of cryptocurrencies being misused for money laundering, terrorism financing, and other illicit activities. Given the anonymity and decentralization that characterize these digital assets, it is crucial to identify and mitigate any associated risks.”The study is expected to lead to the creation of a comprehensive regulatory framework that will foster innovation and strengthen Zimbabwe’s financial system.Meanwhile, these efforts reflect how crypto adoption has surged in Africa. Many Africans use crypto to bypass banking and foreign exchange rate restrictions, and governments are starting to recognize the asset benefits for their citizens.As a result, several African nations, including Kenya, are progressing in developing the crypto industry.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics. Follow us on X for your essential dose of daily crypto news and deep dives.The Nigerian government maintains Gambaryan and Binance would be allowed to themselves in court.The lawmakers argued Gambaryan is being held as part of a coercion tactic by the Nigerian government to extort Binance.The agreeement is expected to attract $80 million in foreign investments.Tigran Gambaryan has been held in Nigeria since February 26.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
