The Zimbabwean government has introduced its first regulations for cryptocurrency businesses, requiring companies involved in buying, selling, transferring or...
The Zimbabwean government has introduced its first regulations for cryptocurrency businesses, requiring companies involved in buying, selling, transferring or storing digital assets to register with the Financial Intelligence Unit (FIU), which operates under the Reserve Bank of Zimbabwe (RBZ).
The new requirements were introduced through Statutory Instrument 99 of 2025. Under the law, businesses classified as Virtual Asset Service Providers (VASPs) must pay an annual registration fee of US$500. Operating without registration is now an offence.
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This is the first time Zimbabwe has established a legal framework for cryptocurrency businesses. Before the new regulations, there were no specific rules governing the sector.
The law applies to cryptocurrency exchanges, over-the-counter trading desks and businesses that exchange cash for digital assets such as USDT. These businesses are now required to comply with anti-money laundering regulations administered by the FIU.
The regulations also extend to some decentralised finance (DeFi) platforms. According to the new law, individuals or entities that can modify software code, control funds or determine transaction fees may still be regarded as responsible parties and may be required to register.
The introduction of the regulations follows recommendations from the Financial Action Task Force (FATF), an international organisation that develops standards aimed at preventing money laundering and financial crimes. Countries that fail to comply with FATF recommendations risk being placed on the organisation’s grey list, which can discourage foreign investment and banking relationships. Zimbabwe was removed from the FATF grey list in 2022.
Although Zimbabwe currently has no visible cryptocurrency exchanges, digital asset trading has continued through informal channels. The country’s last major exchange, Golix, ceased operations after the Reserve Bank directed banks in 2018 to stop providing services to cryptocurrency businesses. Although Golix later won its court challenge, the loss of banking services affected its operations.
Despite the absence of formal exchanges, cryptocurrency transactions have continued through private arrangements and online groups. According to estimates from people involved in the industry, millions of dollars may be moving through informal channels every month. These transactions are reportedly used by Zimbabweans to send and receive money from relatives abroad, pay foreign suppliers and avoid delays associated with traditional financial systems.
The new regulations do not specifically state whether banks can once again provide services to cryptocurrency companies. The 2018 RBZ directive that resulted in banks cutting ties with crypto exchanges remains in place. As a result, it remains unclear whether newly registered cryptocurrency businesses will be able to access banking services.
The regulations also do not change the legal status of cryptocurrencies themselves. Holding or trading digital assets was never prohibited in Zimbabwe. The 2018 RBZ directive targeted financial institutions and cryptocurrency exchanges rather than individual users.
Under Statutory Instrument 99, the focus is on regulating businesses and strengthening anti-money laundering controls. Registration with the Financial Intelligence Unit confirms that a service provider has complied with regulatory requirements, but it does not guarantee investor protection or compensation if a cryptocurrency platform fails.
As Zimbabwe introduces formal oversight of the sector, the new framework marks a significant change for the country’s cryptocurrency industry while leaving several operational questions still unanswered.
