Zimbabwe requires cryptocurrency businesses to register for regulation, with an annual fee of $500

According to Reuters, Zimbabwe's Finance Minister Mthuli Ncube has announced new regulations requiring all cryptocurrency businesses engaged in the buying, transferring, or custody of virtual assets to register annually with the Financial Intelligence Unit (FIU) under the central bank and pay a $500 annual fee. Operating without registration will be considered illegal.

The new regulations provide the first dedicated regulatory framework for the local cryptocurrency market, which has long lacked legal structure and primarily operates in over-the-counter and social media channels. Zimbabwe previously banned financial institutions from participating in cryptocurrency trading in 2018, leading the public to turn to digital assets like Bitcoin and cross-border remittances due to hyperinflation and multiple currency reforms, driving a surge in cryptocurrency usage.