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As part of this initiative, Zimbabwe has established a committee tasked with gathering public opinions. This committee will also meet with digital assets service operators in the industry for consultation.
The government of Zimbabwe has announced a public consultation to gather input on regulating crypto operations in the country. This initiative aims to involve citizens and stakeholders in shaping the future of digital assets regulations in the country.
According to a Bloomberg report on Wednesday citing the country’s state-run news media source, Zimbabwe is calling on businesses offering crypto services within the nation, to submit their views and suggestions on how the country should approach the burgeoning crypto sector.
Seeking Public Input for Regulatory Clarity
Since last year, Zimbabwe has been actively engaging with the emerging economy. This engagement began with the introduction of a virtual asset backed by gold to stabilize the nation’s historically turbulent financial situation.
Building on this initiative, the country launched a new currency called ZiG (Zimbabwe Gold) in April 2024. The move marked the government’s sixth attempt in 15 years to establish a stable local currency. After the launch, ZiG replaced the Zimbabwean dollar, which had faced multiple crashes since its reintroduction in 2019.
Now, Zimbabwe is looking for the best way to regulate crypto operations in the country to align with international standards. In line with this, the government had called on foreign businesses outside the region but catered to customers in the region to share their views and comments.
“Zimbabwe is inviting all cryptocurrency service providers,” whether operating in or outside the country but giving services to customers in the nation, to make comments,” reads the report.
Zimbabwe Sets Up a Crypto Committee
As part of this initiative, Zimbabwe has established a committee tasked with gathering public opinions. This committee will also meet with digital assets service operators in the industry for consultation. Participants have until June 26 to submit their comments to the government.
Meanwhile, the call for public input comes at a time when the industry is experiencing a massive downturn following the Bitcoin halving event in April. Currently, the global crypto market cap stands at around $2.45 trillion. In the last 24 hours alone, the total crypto market volume decreased by 5.25%, now valued at $80.41 billion. Despite this, the global crypto market continues to show resilience, with new users and investors entering the industry.
Recent approvals of spot Bitcoin and Ethereum exchange-traded funds (ETFs) for institutional traders in the United States and Hong Kong have contributed to this influx of interest.
Global Efforts in Regulatory Clarity
These innovations and new developments have made countries want to create a conducive regulatory environment that facilitates responsible participation in the evolving crypto landscape.
Apart from Zimbabwe, other jurisdictions such as The Isle of Man, a self-governing British Crown dependency in the Irish Sea between England and Ireland are soliciting public input on digital assets regulations. Financial authorities in the region launched the consultation in February this year.
In May, Switzerland joined the trend, although the country is only seeking public opinion regarding crypto taxation. The Swiss Federal Council sought comments regarding the adoption of international reporting conduct for crypto tax to ensure equal treatment of digital assets within the nation.
