Published: 17 June 2026

Zimbabwe has taken a significant step towards regulating the virtual assets sector after introducing a formal framework requiring Virtual Asset Service Providers (VASPs) to register with authorities as part of efforts to strengthen anti-money laundering and counter-terrorism financing controls.

In a public notice issued this week, Financial Intelligence Unit (FIU) Director-General Oliver Chiperesa said the new requirements arise from amendments to the Money Laundering and Proceeds of Crime Act that expand regulatory oversight to businesses operating in the virtual assets space.

The move comes as the use of cryptocurrencies and other digital assets continues to grow globally, creating new opportunities for investment and financial innovation while also presenting risks related to money laundering, terrorism financing and other financial crimes.

According to the FIU, Legal Framework Number 7 of 2025, enacted in December last year, broadened the definition of a financial institution to include entities involved in virtual asset-related activities.

As a result, businesses operating in the sector are now required to comply with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations, including customer due diligence, record keeping and the reporting of suspicious transactions.

Under the new framework, a VASP is defined as any natural or legal person conducting activities involving virtual assets. These activities include exchanging virtual assets for fiat currency, facilitating exchanges between different virtual assets, transferring virtual assets, providing custody and administration services, and participating in financial services related to the issuance or sale of virtual assets.

Chiperesa said all entities offering virtual asset services in Zimbabwe will now be required to register with the FIU.

"Entities providing virtual asset-related services in Zimbabwe are therefore required to register with the FIU," he said.

The registration process is governed by Statutory Instrument 99 of 2026, formally known as the Money Laundering and Proceeds of Crime (Virtual Asset Service Providers Registration) Regulations, 2026.

The FIU said the regulations are intended to improve transparency within the sector, reduce opportunities for financial crime and align Zimbabwe with international AML/CFT standards applicable to virtual asset markets.

However, the unit stressed that registration with the FIU should not be interpreted as authorisation to conduct business.

"It is important for stakeholders to note that registration with the FIU for AML/CFT purposes does not, in itself, constitute authorisation to carry on business in Zimbabwe," the notice said.

The FIU explained that depending on the nature of their operations, virtual asset businesses may still be required to obtain licences, approvals or authorisations from other regulatory bodies.

These may include the Reserve Bank of Zimbabwe, the Securities and Exchange Commission of Zimbabwe and other competent authorities whose mandates extend to digital asset activities.

The regulator also urged members of the public to exercise caution and not assume that registration alone means a virtual asset service provider has obtained all legal approvals required to operate.

The introduction of the framework marks Zimbabwe's most significant regulatory intervention in the digital assets sector to date and signals growing recognition by authorities of the need to balance innovation with effective oversight as virtual asset adoption continues to expand.
- The Chronicle

You might also want to read this

• FIU warns Zimbabwe real estate sector