Namibia's National Assembly has passed a bill to regulate digital assets and cryptocurrencies, establishing a framework for licensing and supervising virtual asset service providers. The legislation aims to ensure consumer protection, prevent market abuse, and mitigate the risks of money laundering and financing terrorism.

Non-compliant providers could face fines of up to $671,572 or a 10-year prison term. The Bank of Namibia maintains its position that cryptocurrencies do not hold legal tender status in the country, but may reassess their acceptance in the future.