Bank of Namibia grants provisional licenses to Mindex Virtual Asset Exchange and Landifa Bitcoin Trade under the Virtual Asset Act of 2023, marking a step toward regulated cryptocurrency operations.

Bank of Namibia Takes a Step Toward Cryptocurrency Regulation

The Bank of Namibia announced on January 13, 2025, that it has granted provisional authorization to two entities “Mindex Virtual Asset Exchange (Pty) Ltd and Landifa Bitcoin Trade CC” to operate as virtual asset service providers (VASPs). These authorizations are part of the framework established by Namibia’s Virtual Asset Act of 2023 (Act No. 10 of 2023).

Two-Step Licensing Process for Full Authorization

The provisional approval marks the first step in a two-stage process. According to the central bank, the entities must meet specified regulatory conditions during the six-month provisional period to qualify for full authorization. During this time, the VASPs are restricted from conducting any business or engaging with individuals or entities in Namibia.

The central bank emphasized that this restriction ensures compliance with regulatory requirements before operations commence.

Namibia Joins Other African Nations in Crypto Regulation

Namibia follows in the footsteps of Nigeriaand South Africawhich have already authorized some VASPs. The move aligns with Namibia’s efforts to regulate and legalize cryptocurrency usage, an initiative that gained momentum with the passage of the Virtual Asset Act in 2023. The act aims to protect consumer interests and combat financial crimes, including money laundering linked to digital assets.

Central Bank’s Commitment to Security and Updates

The Bank of Namibia reiterated its dedication to creating a secure, regulated financial environment. It assured the public that it would provide regular updates on the progress of the authorized entities.

Stay informed on Namibia’s cryptocurrency regulations and the progress of these entities as they work toward full authorization.