Zimbabwe's Financial Intelligence Unit issued a binding mandate on June 16, 2026, requiring all virtual asset service providers to register under Statutory Instrument 99 of 2026, the country's first dedicated crypto regulatory framework. According to reports from the source, the framework is effective immediately with criminal liability for non-compliance. 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 to incorporate VASPs into the statutory definition of a financial institution. Finance Minister Mthuli Ncube issued the new rules, bringing Zimbabwe's largely informal crypto market under regulatory oversight for the first time. The Reserve Bank of Zimbabwe's Financial Intelligence Unit has been designated as the primary supervisory authority responsible for enforcing these statutory measures, with the FIU issuing its public enforcement mandate six days after the regulations were gazetted.
The legal foundation was established through 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 to incorporate VASPs into the statutory definition of a financial institution. As reported by the source, the Zimbabwean Minister of Finance gazetted the Money Laundering and Proceeds of Crime (Virtual Asset Service Providers Registration) Regulations on June 10, 2026, with the FIU issuing its public enforcement mandate six days later. Crypto businesses must register annually with the Financial Intelligence Unit, an anti-money laundering body housed within the Reserve Bank of Zimbabwe, at a $500 per year fee. Under the new framework, entities wishing to provide virtual asset services will be required to establish a physical presence in Zimbabwe, maintain local directors and appoint a compliance officer resident in the country. Applicants will also be required to submit extensive documentation, including anti-money laundering policies, risk assessments, ownership structures, tax clearance certificates and cybersecurity measures. To enhance transparency, every licensed operator will be assigned a registration number and included in a public register maintained by the authorities, with virtual asset service providers required to prominently display their certificates of registration in both physical and digital formats, accompanied by a QR code directing users to their official registry entry.
The scope is broad and technology-neutral, covering any entity exchanging cryptocurrencies for fiat, providing custody services, or facilitating crypto-related financial transactions. According to the source, decentralization is not an exemption - if an operator can adjust smart contracts, route funds, or set transaction fees, the FIU considers them a VASP. The FIU was explicit that registration does not constitute authorization to carry on business in Zimbabwe, with VASPs still requiring separate operational approvals from the Reserve Bank of Zimbabwe or the Securities and Exchange Commission of Zimbabwe depending on their business model. The rules apply specifically to companies that buy, sell, transfer or safeguard virtual assets. Under the newly enacted law, any natural or legal person providing or facilitating the exchange of cryptocurrencies and fiat currencies must legally register, including entities providing custody services and financial services related to cryptocurrencies. Beyond conventional cryptocurrency exchanges, the regulations extend to emerging decentralised finance (DeFi) platforms and other blockchain-based services. According to the SI, a person will be deemed to be providing virtual asset services where that individual "exercises control over, or provides the essential means for, the operation of a software protocol, smart contract, decentralised application, or similar technological arrangement" that facilitates virtual asset activities.
The new framework establishes internationally recognised standards including the Travel Rule, which requires virtual asset service providers to collect, verify and transmit customer information during transactions. The regulations are anchored on key principles including market integrity, consumer protection, financial stability, innovation, transparency and accountability, risk management, global interoperability, and the promotion of trust and confidence. According to the SI, "clear rules encourage responsible innovation, giving entrepreneurs confidence to build new products and services," while "harmonised principles across jurisdictions allow VASPs to operate internationally, supporting cross-border commerce." The framework signals a major policy shift from uncertainty to structured oversight, placing Zimbabwe among a growing number of countries seeking to harness opportunities presented by digital assets while safeguarding the financial system against money laundering and other illicit activities. This global approach aligns with the Financial Action Task Force (FATF), which continues to set the global standard for AML and CFT measures in the crypto space, urging jurisdictions to strengthen enforcement, improve cross-border cooperation and address anonymity-enhancing technologies that increase money laundering and terrorist financing risks.
The regulatory shift represents a significant departure from previous policy. In 2018, the RBZ issued Circular No. 2/2018 ordering all banks to cease servicing crypto exchanges and exit existing relationships within 60 days. As reported by the source, local exchange Golix challenged the ban in court and obtained a provisional High Court order lifting it specifically against Golix, but broader regulatory uncertainty persisted for years. SI 99 is effectively the formal end of that ambiguity, replacing blanket exclusion with supervised integration driven by recognition that hyperinflation and chronic currency instability had already pushed citizens into crypto regardless of official policy. The 2018 ban pushed crypto trading onto peer-to-peer platforms and social media, with most activity remaining there since. This regulatory evolution occurs against a backdrop of intensifying global scrutiny, with the United States historically lagging in creating unified federal frameworks until the GENIUS Act was passed in July 2025, subjecting payment stablecoins to the Bank Secrecy Act (BSA). The global crypto industry now faces mounting regulatory pressure, with firms that prioritize governance, transparency and technology-driven solutions positioning themselves as trusted leaders in an increasingly regulated digital economy.
