Regulating the cryptocurrency sector in Zimbabwe

Written by Ziad Abdel Fattah:

The government announced ZimbabweOn Friday, the government imposed mandatory registration on cryptocurrency companies, along with the payment of annual fees, as part of efforts to regulate a sector that has long operated outside legal frameworks, in a move aimed at tightening control over the digital asset market.

Under new regulations issued by Finance Minister Mthuli Ncube, all companies operating in the areas of buying, selling, transferring and holding virtual assets must register annually with the Financial Intelligence Unit (FIU), which is part of the central bank and responsible for combating money laundering. The government has set the registration fee at $500 per year, and conducting the activity without a license is considered a legal violation.

Zimbabwe's first regulatory framework for cryptocurrencies

This move marks the first regulatory framework specifically for the cryptocurrency sector in Zimbabwe, which has seen significant growth in the absence of legislation. Authorities had banned financial institutions from dealing in cryptocurrencies since 2018, forcing traders to resort to online trading platforms and social media.

Increased demand for

The growing popularity of cryptocurrencies in the country stems from declining confidence in the banking system, particularly following the hyperinflation Zimbabwe experienced in the late 2000s, which eroded savings and pensions. The volatility of the local currency has also contributed to increased reliance on digital assets as an alternative store of value and a means of conducting financial transactions.

In this context, financial transfers have played an important role in supporting the use of these currencies, given the high costs of traditional banking channels, according to international reports.

The measures come amid a growing global trend toward regulating the cryptocurrency market, following the collapse of major trading platforms and fraud cases, as well as concerns related to money laundering.

The increasing adoption of cryptocurrencies in Africa

Zimbabwe also joins a growing list of African countries, such as South Africa, Nigeria, Kenya and Mauritius, that have begun to put in place regulatory frameworks for digital assets, coinciding with their increasing adoption on the continent.

According to Chainalysis's 2025 Global Index, Sub-Saharan Africa saw over $205 billion in cryptocurrency transactions between July 2024 and June 2025, registering an annualized growth of 52%.

For their part, market participants welcomed the move, with Harare-based cryptocurrency trader Jeffrey Mutampiranowa saying the new regulation was a “positive development,” noting that it would enable industry workers to operate legally and avoid working in the shadows.