According to The Namibian, the Namibian Parliament recently passed a bill to legalize virtual assets such as cryptocurrencies and establish regulations. The bill is currently awaiting gazette publication, after which it will be implemented. Namibian Finance Minister Iipumbu Shiimi said the new law is important for protecting consumer interests, combating market abuse, and reducing the risks of money laundering and terrorist financing associated with the virtual asset market.

Under the legislation, a person or entity that engages in virtual asset services without being registered with the regulator could face a fine of up to S$10 million, jail time of up to 10 years, or both.