Zimbabwe brings its crypto market out of the shadows with a $500-a-year licensing rule

Zimbabwe has rolled out its first formal framework for virtual assets, effectively bringing a long-running underground crypto market into the regulatory perimeter. Under the new rules, any business involved with virtual assets must register with the country's financial intelligence unit and pay an annual fee of $500. Operating without registration is now an offense. The move follows years of informal activity after Harare barred banks from dealing with crypto in 2018, a step that pushed trading onto peer-to-peer channels and social media. That market expanded through repeated currency crises and bouts of hyperinflation. Local traders described the shift as a relief, Reuters reported, saying it reduces the need to operate in the shadows. Regulators across the region are also stepping up attention as African on-chain transaction volume reached $205 billion last year.