Zimbabwe Requires Cryptocurrency Firms to Register and Pay Annual Fees

According to Reuters, the Zimbabwean government announced that businesses engaged in buying, transferring, or custodial services for virtual assets must register annually with the Financial Intelligence Unit (FIU) and pay an annual fee of USD 500; operating without registration will constitute a violation of the law. This measure marks Zimbabwe’s first dedicated regulatory framework for the cryptocurrency industry, aiming to bring a market long operating in the informal sector under formal regulation.