The Virtual Assets Act, adopted in 2023, was the first regulatory act of Namibia defining the procedure for supervision of virtual asset service providers (VASP), as well as all related activities.

The new law is aimed at ensuring the protection of consumers of virtual asset services, as well as preventing abuse and countering the laundering of criminal proceeds in the digital asset market. Namibia’s Minister of Finance and Public Enterprises, Iipumbu Shiimi, announced the creation of a new regulatory body to oversee and issue VASP licenses.

In accordance with the adopted legislative norms, VASP providers who violate the requirements of the Virtual Assets Act face a fine of more than $670,000 and a ten-year prison term.