ZIMBABWE has taken a major step towards regulating the rapidly growing virtual assets sector by introducing a framework for the registration and supervision of Virtual Asset Service Providers (VASPs), as authorities seek to strengthen anti-money laundering and counter-terrorism financing controls.
In a public notice, the Financial Intelligence Unit (FIU) Director General, Mr Oliver Chiperesa said the new framework stems from amendments to the Money Laundering and Proceeds of Crime Act and is aimed at bringing virtual asset-related activities under formal regulatory oversight.
The development comes at a time when the use of cryptocurrencies and other digital assets is expanding globally, creating new opportunities for investment and financial innovation while also exposing users and financial systems to emerging risks.
According to the FIU, the Legal Framework Number 7 of 2025, passed in December last year, amended the definition of a financial institution and expanded regulatory obligations to cover entities dealing in virtual assets.
The amendments require businesses operating in the virtual asset space to comply with Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) obligations, including customer due diligence, record keeping and the reporting of suspicious transactions.
Under the new framework, a virtual asset service provider is defined as any natural or legal person involved in one or more activities related to virtual assets.
These include the exchange of virtual assets and fiat currencies, exchanges between different forms of virtual assets, the transfer of virtual assets, safekeeping and administration of virtual assets or instruments enabling control over such assets, as well as participation in financial services related to the issuance or sale of virtual assets.
The FIU said all VASPs will now be subject to registration and supervisory requirements designed to improve transparency and reduce the risk of financial crimes.
“Entities providing virtual asset-related services in Zimbabwe are therefore required to register with the FIU,” Mt Chiperesa said.
The registration requirements are outlined under Statutory Instrument 99 of 2026, known as the Money Laundering and Proceeds of Crime (Virtual Asset Service Providers Registration) Regulations, 2026.
The FIU said the regulations are intended to ensure that virtual asset businesses operate within a clear legal and regulatory framework while supporting Zimbabwe’s compliance with international AML/CFT standards.
The FIU emphasiSed that registration should not be interpreted as a licence to operate.
“It is important for stakeholders to note that registration with the FIU for AML/CFT purposes does not, in itself, constitute authorisation to carry on business in Zimbabwe,” the notice said.
The unit explained that businesses may still require approvals, licences or authorisations from other competent authorities depending on the nature of their operations.
These authorities may include the Reserve Bank of Zimbabwe, the Securities and Exchange Commission of Zimbabwe and other regulators whose mandates extend to virtual asset activities.
The FIU also urged members of the public not to assume that registration alone means a VASP has obtained all approvals necessary to lawfully conduct business.-herald
