Online Reporter
Oliver Kazunga-Senior Reporter
ZIMBABWE has moved to regulate cryptocurrencies for the first time, a watershed step that could unlock investment, create jobs and position the country in the digital economy.
The new Money Laundering and Proceeds of Crime (Virtual Asset Service Providers Registration) Regulations, 2026, gazetted by the Minister of Finance, Economic Development and Investment Promotion Professor Mthuli Ncube, establish for the first time, a legal pathway for cryptocurrency exchanges, digital asset platforms and other virtual asset businesses to operate in Zimbabwe.
Last week, the Government gazetted Statutory Instrument (SI) 99 of 2026 to regulate cryptocurrencies and thus signalled a major policy shift from uncertainty to regulation while positioning Zimbabwe among a growing number of countries seeking to harness opportunities presented by digital assets while guarding against financial crime.
And in setting out the rationale behind the framework, the Government has indicated that the regulations are founded on principles that include market integrity — consumer protection—financial stability — innovation enablement — transparency and accountability — risk management — global interoperability — and trust and confidence.
The SI states that “clear rules encourage responsible innovation, giving entrepreneurs confidence to build new products and services,” while “harmonised principles across jurisdictions allow VASPs to operate internationally, supporting cross-border commerce.”
Under the new framework, any company seeking to offer virtual asset services should register with authorities, establish a physical presence in Zimbabwe, maintain local directors and appoint a compliance officer resident in the country.
The regulations require applicants to submit extensive documentation, including anti-money laundering policies, risk assessments, ownership structures, tax clearance certificates and cybersecurity safeguards.
Economic commentator Mr Jabulani Chibaya said the regulation of cryptocurrencies was a step in the right direction, as this would integrate Zimbabwe’s financial system into the international landscape.
“It will unlock capital, investment opportunities and more intermediaries in the financial space and low cost of operation.
“Jobs will be created and widening of the financial and banking sector and also formalising remittances.
“The regulations modernise our financial sector, offer more opportunities for trade, payments, moving money and value,” he said, adding that the regulations would allow tokenisation, which can unlock value in illiquid assets like real estate, carbon credits and livestock, among others, replacing barter with technical options and supporting adjacent industries like Insurance
“The new legal framework offers stability, assurance, predictability and a clear adoption landscape.”
Another economic commentator, Mr Peter Mhaka, said the regulations could help Zimbabwe capture a share of the rapidly expanding global digital assets market while creating new opportunities for fintech entrepreneurs, software developers and investors.
“These regulations provide the certainty that investors and innovators have been waiting for. “By creating a formal legal framework for virtual asset service providers, Zimbabwe is positioning itself to participate in the global digital assets economy while opening new opportunities for fintech startups, software developers and both local and foreign investors,” he said.
As part of the regulatory framework and boosting transparency, the SI states that every licensed operator will receive a registration number and be entered into a public register maintained by the authorities.
Thus, a virtual asset service provider should “prominently display its certificate of registration, in both physical and digital form,” accompanied by a QR code directing users to its official registry entry.
The regulations also extend beyond traditional cryptocurrency exchanges to cover emerging decentralised finance platforms and blockchain-based services.
According to the SI, a person would be deemed to be providing virtual asset services where that individual “exercises control over, or provides the essential means for, the operation of a software protocol, smart contract, decentralised application, or similar technological arrangement” facilitating virtual asset activities.
Simultaneously, authorities have moved to tighten safeguards against money laundering and illicit financial flows.
The regulations introduce the internationally recognised “Travel Rule,” requiring virtual asset service providers to collect, verify and transmit customer information during transactions.
