The Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are currently collaborating on crafting a framework for virtual asset trading. This framework is designed to establish clear regulations, ensure client protection under the Data Protection Act, and provide educational resources. However, there are hurdles to overcome, such as the need for infrastructural investments and licensing fees for foreign systems. While there is an informal virtual asset market in existence, it lacks security measures, resulting in financial losses for users.
Chengetedzai Depository Company (CDC) has expressed its support for regulation in order to bring legitimacy to virtual asset trading, pointing out that other countries have already implemented similar measures. The digital assets industry is expected to experience significant growth, presenting Zimbabwe with a new avenue to explore in terms of asset classes.
