Zimbabwe requires crypto business registration to include regulatory annual fee of US$500

According to Reuters, Zimbabwe's Finance Minister MthuliNcube issued new regulations requiring all cryptocurrency businesses engaged in the purchase, sale, transfer or custody of virtual assets to register with the Financial Intelligence Unit (FIU), an anti-money laundering agency under the central bank, and pay an annual fee of US$500. Operating without registration will be illegal. The new regulations provide the first dedicated regulatory rules for the local crypto market, which has long lacked a legal framework and operates mainly off-site and on social media. Zimbabwe previously banned financial institutions from participating in cryptocurrency transactions in 2018. Due to hyperinflation and multiple currency reforms, people turned to digital assets such as Bitcoin and cross-border remittances, driving a surge in cryptocurrency use.