New Legal Definitions
The Reserve Bank of Zimbabwe’s Financial Intelligence Unit has issued a public mandate requiring all virtual asset service providers to formally register with the regulatory body. The June 16 directive solidifies the government’s transition toward an integrated and supervised regulatory model for crypto firms.
The regulatory push stems from the Finance Act No. 7 of 2025, passed in December 2025, which amended Section 2 of Zimbabwe’s Money Laundering and Proceeds of Crime Act. This amendment formally incorporated virtual asset service providers, or VASPs, into the statutory definition of a “financial institution.”
Acting under these newly expanded powers, the Zimbabwean Minister of Finance gazetted the Money Laundering and Proceeds of Crime (Virtual Asset Service Providers Registration) Regulations on June 10, 2026, under Statutory Instrument 99 of 2026. Under the newly enacted law, any natural or legal person providing or facilitating the exchange of cryptocurrencies and fiat currencies must legally register. This also applies to entities providing custody services and financial services related to cryptocurrencies.
According to a statement released by the FIU, the primary objective of the new framework is compliance, specifically aligning Zimbabwe with international standards for anti-money laundering and countering the financing of terrorism. The FIU has been designated as the primary supervisory authority responsible for enforcing these statutory measures.
However, the FIU explicitly warned stakeholders that registration with its unit is strictly for monitoring purposes and does not grant firms a blanket commercial license.
“Registration with the FIU for AML/CFT purposes does not, in itself, constitute authorization to carry on business in Zimbabwe,” the public notice reads.
VASPs are still required to independently obtain any necessary operational approvals, licenses or authorizations from other relevant domestic authorities, such as the RBZ or the Securities and Exchange Commission of Zimbabwe, depending on their business models.
Alongside the registration mandate, the FIU issued a reminder to the public regarding the inherent and high-risk nature of the cryptocurrency market. The regulator emphasized that registration does not eliminate financial danger or act as a guarantee against losses.
The FIU highlighted several key risks that investors must carefully consider, including the volatility of cryptocurrencies, cyberattacks, scams and fraud. It also warned that, unlike traditional banking, crypto users have limited or no recourse or compensation mechanisms.
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