Zimbabwe Introduces First Cryptocurrency Framework
BITmarkets Team
Jun 18, 2026
The rules took immediate effect and introduce criminal penalties for entities that fail to comply. The move formalizes an industry that has operated largely in a regulatory grey area for nearly eight years. During that period, many Zimbabweans turned to cryptocurrencies as a hedge against hyperinflation and the repeated collapse of local currencies, often seeking access to dollar-denominated alternatives.
While the regulatory framework provides a pathway for oversight, it has also revived broader discussions about whether Zimbabwe could eventually consider Bitcoin as part of its national monetary strategy.
New rules define who must register
The regulatory framework is rooted in legal changes introduced through Finance Act No. 7 of 2025, which amended Zimbabwe’s Money Laundering and Proceeds of Crime Act by bringing virtual asset service providers within the definition of regulated financial institutions.
Using those expanded powers, the Ministry of Finance introduced the Money Laundering and Proceeds of Crime (Virtual Asset Service Providers Registration) Regulations on June 10, 2026. The rules were officially codified as Statutory Instrument 99, while the FIU issued its enforcement directive six days later.
The regulations apply broadly to businesses involved in cryptocurrency-related activities, including fiat-to-crypto exchanges, custodial service providers and companies facilitating digital asset transactions. Importantly, the FIU clarified that decentralized operations are not automatically exempt. Organizations capable of modifying smart contracts, routing transactions or setting fees may still be classified as VASPs and fall under the registration requirement.
To comply, businesses must establish a locally incorporated entity, undergo background checks for directors, implement know-your-customer (KYC) procedures, conduct transaction monitoring and follow the Financial Action Task Force (FATF) Travel Rule standards. Registration costs include a one-time fee of $500 and annual renewal fees of $400.
Regulatory oversight separate from business licensing
The FIU also emphasized that registration alone does not grant permission to operate commercially within Zimbabwe. “Registration with the FIU for AML/CFT purposes does not, in itself, constitute authorization to carry on business in Zimbabwe,” the public notice stated. Companies must still secure separate operating licenses from either the Reserve Bank of Zimbabwe (RBZ) or the Securities and Exchange Commission of Zimbabwe, depending on the nature of their activities.
This two-tier system separates anti-money laundering oversight from commercial licensing requirements, reflecting a structure commonly used in jurisdictions that follow FATF recommendations. By adopting this approach, Zimbabwe is aligning its crypto regulatory framework with internationally recognized standards.
A major shift from Zimbabwe’s earlier crypto stance
The new framework represents a notable change from the country's previous approach to digital assets. In 2018, the Reserve Bank of Zimbabwe issued Circular No. 2/2018, directing banks to terminate relationships with cryptocurrency exchanges and cease providing related services within 60 days. Although local exchange Golix successfully challenged the directive and secured a provisional court order suspending its application to the company, broader uncertainty around cryptocurrency regulation persisted for years.
Statutory Instrument 99 effectively ends that prolonged ambiguity by replacing a policy of exclusion with a regulated and supervised framework. The shift reflects growing recognition that economic instability, inflation and currency challenges had already driven widespread crypto adoption, regardless of the absence of formal regulations.
The introduction of the framework signals Zimbabwe’s intention to integrate digital assets into its financial system while maintaining oversight and compliance with global regulatory standards.
Sources:
https://grafa.com/en/news/crypto/zimbabwe-orders-crypto-firms-to-register
