Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
  • Login
Buy crypto
Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
Newblock
Government Set to Present Virtual Asset Bill to Parliament

Government Set to Present Virtual Asset Bill to Parliament

January 22, 2022
in Bitcoin News
418 5
0
Share on FacebookShare on Twitter

The Botswana government is set to present a “Virtual Asset Bill” to the country’s parliament, a move that could see it become one of the first countries in Africa to have laws regulating cryptocurrencies.

Preventing the Proliferation of Risks Associated With Cryptos

A Botswana government draft document that proposes to regulate new and developing virtual assets businesses, as well as to provide a regulatory body with its functions and powers, is now set to be presented before the country’s lawmakers, a recent government gazette has shown.

The planned presentation of the Virtual Asset Bill alongside other bills such as the Financial Intelligence Bill comes just over two months after the country’s central bank warned residents engaged in cryptocurrency trading that Botswana does not have a regulatory framework to govern such trading.

Yet, in the draft that was published in the Extraordinary Government Gazette on December 23, Botswana authorities suggest they are not only seeking to recognize crypto trade but plan to include “provisions for managing, mitigating and preventing money laundering and financing of terrorism” into the proposed law. The draft also seeks to prevent the proliferation risks that are associated with virtual assets and new emerging business practices and technologies.

Concerning companies or entities that issue tokens, the draft bill states:

Part III further provides that the Regulatory Authority may grant a licence if the applicant demonstrates that it has the necessary infrastructure and resources to carry out the business activities of a virtual asset service provider or issuer of initial token offerings and that the applicant is a fit and proper person. The definition of “fit and proper” is provided for in clause 11 (2) consistently with the provisions of the Financial Intelligence Act.

Elsewhere, the draft explains the instances where the regulator can grant an operating license to applicants. For their part, license holders are expected to protect assets belonging to clients. They are also expected to “prevent market abuse and provide measures for the acquisition of a beneficial interest in their businesses.”

White Paper Issuance Mandatory

With respect to the advertisement of token offerings, the draft states:

“Part IV further provides that a licence holder shall issue a white paper that contains full and accurate information for potential purchasers of virtual assets and initial token offerings to make informed decisions.”

Meanwhile, some crypto enthusiasts have speculated that Botswana’s proposal to amend its financial laws could be linked to the country’s removal from the Financial Action Task Force’s (FATF) graylisted countries in October 2021. The FATF had previously cited deficiencies in the country’s anti-money laundering (AML) and counter-terrorist financing (CTF) regimes as reasons for flagging the country.

However, in late 2021 — nearly three years after grey-listing — the FATF said it had removed Botswana from the list after noting some improvement.

Source link

You might also like

G7 Countries Crypto

G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

March 5, 2022
Coinbase CEO Russians Crypto

Coinbase CEO Says Ordinary Russians Use Crypto as a Lifeline as the Ruble Collapses

March 5, 2022

Related News

G7 Countries Crypto

G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

by Editorial Team
March 5, 2022
1

G7 countries and the European Union are examining ways to stop the use of cryptocurrency by Russia to evade sanctions....

Coinbase CEO Russians Crypto

Coinbase CEO Says Ordinary Russians Use Crypto as a Lifeline as the Ruble Collapses

by Editorial Team
March 5, 2022
1

The CEO of the Nasdaq-listed crypto exchange Coinbase says ordinary Russians are using cryptocurrency as a lifeline now that their...

Bitcoin Mining Difficulty Drops

Bitcoin Miners Catch a Break as Mining Difficulty Drops for the First Time in 3 Months

by Editorial Team
March 5, 2022
1

Bitcoin miners got a small break on March 3, after the network’s mining difficulty shifted downward for the first time...

Arbitrum Treasure DAO hack

Attacker Hacks Arbitrum’s Treasure DAO for Over 100 NFTs by Leveraging Marketplace Exploit

by Editorial Team
March 5, 2022
1

A non-fungible token market platform built on top of Arbitrum called Treasure DAO was hacked on March 3 at 7:33...

Next Post
El Salvador bitcoin

El Salvador buys its cheapest 410 Bitcoin as prices reach $36k

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get daily news updates to your inbox!

Popular

  • crypto price analysis

    BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

    21678 shares
    Share 8671 Tweet 5420
  • Google Launches Blockchain Division

    5331 shares
    Share 2131 Tweet 1332
  • Microsoft Reveals Activision Purchase for $68.7 Billion as an Approach to the Metaverse

    972 shares
    Share 389 Tweet 243
  • GAIMIN Brings Blockchain and NFTs to Minecraft – Press release Bitcoin News

    957 shares
    Share 383 Tweet 239
  • Coinbase exec says major Ethereum scaling improvements coming soon

    923 shares
    Share 369 Tweet 231

Recommended

Bitcoin shoots to $44,000 as US inflation hits 7.8% in December

Bitcoin shoots to $44,000 as US inflation hits 7.8% in December

January 12, 2022
Bank of Spain Governor crypto

Bank of Spain Governor Warns About Traditional Banking’s Exposure to Crypto Assets

February 23, 2022
Newblock

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Navigate Site

  • Blockchain news
  • Crypto Analysis
  • Ranking
  • Media Partnerships
  • Privacy Center
  • Contact Us
  • Donate

Follow Us

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Cardano
    • Solana
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
  • Buy Crypto
  • Privacy Center
  • Contact Us
  • Donate

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.