Zimbabwe proposes to include VASP in its securities law - Move applauded as 'Going in the right direction '
The Zimbabwean government recently revealed its intention to broaden the definition of securities to include virtual asset service providers (VASP According to a document released by the firm, the proposed inclusion of VASPs in the Defined Securities category will be made possible through the amendment to the Securities and Exchange Act.
The factor of money laundering and terrorist financing
According to a report , it is this amended law that "will allow theZimbabwe Securities and Exchange Commission (SECZ) to propose regulations to oversee VASPs on a risk-based approach. "Likewise, the document states that Zimbabwe's anti-money laundering law will be amended to allow authorities to deal with possible misuse of crypto assets by bad actors. The cabinet document explains:
In addition, Zimbabwe, which is itself subject to sanctions Financials, says the same law will be amended to "ensure that sanctions are equally applicable to VASPs, their directors and senior management.
Meanwhile, in his reaction to the Zimbabwean government amendment proposal, Prosper Mwedzi, a prominent proponent of crypto regulation, applauds the move which he says is a step forward.good direction. However, Mwedzi told Bitcoin.com News that his only concern with the proposed changes is the lack of clear deadlines. He said:
Other Zimbabwean commentators have suggested that the proposals could be part of the government's broader goal of aligning its laws with FATF guidelines. In his thread on Twitter July 15, Mwedzi insists proposals show Zimbabwe moving away from its previous anti-crypto stance.
What do you think of Zimbabwe's proposal to include VASPs in its securities law? Let us know what you think in the comments section below.