• Zambia is expecting to complete its crypto regulation tests by June 2023.
• The tests involve developing policies and regulations that will boost the industry while protecting investors.
• The country’s government is embracing this development as they are aware of the potential of these technologies to transform the economy.
Zambia’s Crypto Regulation Tests
Zambia’s minister of innovation, science, and technology, Felix Mutati, revealed in an interview that its crypto regulations testing is expected to conclude by June 2023. Zambian Securities and Exchange Commission and the central bank are conducting these tests to establish a regulatory framework for cryptocurrencies in the country.
Regulatory Framework to Increase Adoption
The country’s move to regulate digital assets shows its unwavering interest in the industry. This framework is expected to increase the adoption of virtual assets while protecting intending and existing investors. Mutati highlighted that the tests aim to contribute to the laydown regulations in the crypto space.
Testing Involves Working with Stakeholders
The testing involves working with various stakeholders in the crypto industry to develop policies and regulations that will promote industry growth while ensuring consumer protection. It also aims at addressing the risks of digital currencies. Mutati also cited that the tests, which began on February 19, 2023, will also balance the areas of innovation and safety in the nation.
Government Embraces Development
The fact that the government embraces this development shows a collaboration between Zambia’s SEC and the central bank. This will also guarantee that the move complies with the central bank’s policies on cryptocurrencies. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io Play Now! The crypto market surges on chart l Source: Tradingviewcom
Aim To Transform Economy
Further, Mutati stated that Zambia had been gradually warming up to digital assets and blockchain technology. This development indicates that country’s government is aware of potential of these technologies transform economy particularly cross-border payments financial inclusion However he highlighted digital infrastructures identities must already functional before introducing digital assets Zambia