Eternity Law International News Crypto regulation in Namibia 2023

Crypto regulation in Namibia 2023

August 24, 2023

The cryptocurrency-market is actively developing all over the world. Many countrysides have created legislation that helps corporations to develop in this direction. In the countryside where there are clear rules of the game, setting up a legal entity and obtaining authorizations is faster. This encourages companies to invest in the blossoming of the corporation and has a positive impact on the economy of these countries.

For African countries, this is a big opportunity to get additional funds. However, not all interchanges can get a cryptocurrency license in Africa. The problem is that not all countries have the relevant legislation.

This year, Namibia adopted a law regarding the decree of virtual assets. This news interested many interchanges and now there is a real boom in obtaining the relevant permits. Let’s take a closer look at how this document will help the countryside and corps to develop.

Why the adoption of the new law is important

In 2017, the country adopted a law that prohibited crypto exchange dealings. Due to such a ban, the country was illogically losing the opportunity to gain significant economic growth. However, in July 2023, a law was passed that cancels the previous legislation and allows for VASP-regulation.

Thanks to it, a supervisory body was appointed to monitor the market and issue VASP license in Namibia. The developers of this law are confident that it will help build the right relationship with the co-owners of cryptocurrency-assets and allow cryptocurrency-exchanges to operate more actively in the countryside.

The existence of strict and clear rules of the game will allow companies not to worry about opening legal entities on the territory of this countryside and will permit the consequence of their interchange. For local officials, this is an opportunity to get another branch of working business structures, which in turn has a positive impact on the economy of the entire state.

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Benefits from the adoption of the decree on crypto-regulation

Undoubtedly, such a law is a positive phenomenon, because companies will be more interested in working in the market with clear and fair rules of the game. To date, not all legal conflicts have been closed with the new law, but it helps to form a legal-framework for the decree of the local crypto-market.

Thanks to the new legislation, Namibia:

  • develops license prerequisites for legal-entities that want to function in the country;
  • established a supervisory body that will issue licenses to legal-entities;
  • developed necessities for license applicant firms;
  • creates laws for market supervision by the supervisory authority;
  • prescribes penalties for companies that operate without a license.

Of course, this law is not a panacea for all problems and the Namibian authorities still have a lot of work to do to catch up with the rest of the world in this approach. However, the countryside is taking the first steps towards market-blossoming and the establishment of a corporation with a crypto-license in this country is a chance for many newcomers to the market to create a foundation for business development in a promising region.

Further plans for the blossoming of the crypto-market in Namibia

As of today, Namibia is already starting to discuss possible next steps to simplify the work of crypto-currency corporations in the market. In particular, the prospect of creating taxation on the activities of such legal entities is being discussed, because so far crypto-capital as well as other digital assets cannot be attributed to any industry, the taxation of which is prescribed in the relevant documents in the country.

It is also planned to prescribe the obligations of the supervisory authority. So far the document specifies only the transfer of authority to license service providers and set rules for their work. But in terms of obligations, there is no data yet.

Local officials note that it is crucial to create flexible legislation, which will allow legal entities to operate without adjustments in the future for the benefit of service providers and the countryside.

Nevertheless, even allowing the acceptance of cryptopayment is already making a consequential difference in the country’s market.

Who can help with the paperwork

As Namibian lawmaking has only recently come into force, it will be extremely difficult for corporations to apply for approval to operate in the local cryptocurrency-market on their own. Therefore, it is more logical to seek advice from the relevant businesses.

Our company has created a team of true professionals who are ready to help the client at any time. First of all, our lawyers will help you collect the necessary package of docs and will accompany you at all stages of registration of a legal entity and obtaining the rightful permission to conduct business. Unfortunately, the local regulatory-authority does not accept all applications yet and you will need to collect a package of documents that will perfectly meet all the prerequisites of the controller. We are ready to help you in this matter. For consultation, please contact our specialists in any convenient way.

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