Zimbabwe Requires Crypto Firms to Register With Central Bank, $500 Initial Fee

According to Reuters, Zimbabwe rolled out its first dedicated cryptocurrency regulations on Friday, requiring firms that buy, sell, transfer, or safeguard crypto assets to register annually with the Financial Intelligence Unit, the anti-money laundering arm of the Reserve Bank of Zimbabwe, or face potential prosecution.

Initial registration costs $500, with annual renewal at $400. The regulations, signed by Finance Minister Mthuli Ncube, were designed to formalize the informal crypto market that emerged after the central bank barred traditional financial institutions from handling crypto in 2018. Zimbabwe's crypto demand stems from decades of hyperinflation and currency instability that eroded banking system trust, pushing residents to use Bitcoin and other tokens as stores of value and remittance channels.