Zimbabwe Introduces First Crypto Business Regulations Under S.I. 99 of 2026

Zimbabwe Introduces First Crypto Business Regulations Under S.I. 99 of 2026

Zimbabwe has formally regulated cryptocurrency businesses for the first time after the government gazetted Statutory Instrument 99 of 2026. The new law requires any entity that helps people buy, sell, move or store crypto to register with the Reserve Bank’s Financial Intelligence Unit.

Registration carries an annual fee of US$500. Operating without it is now a criminal offence under the new regulations.

The rules target businesses, not individuals. Holding or trading cryptocurrency remains legal for ordinary users. The government has not banned personal ownership or peer-to-peer trading.

Registration does not equate to consumer protection. Officials say the process only confirms that a provider has completed anti-money-laundering paperwork with the FIU. Customers will not be compensated if a platform collapses or if they fall victim to a crypto scam.

Banking access remains unresolved. The 2018 Reserve Bank circular that forced banks to sever ties with crypto exchange Golix is still in effect. It is unclear whether a firm registered under S.I. 99 can now open a bank account. The RBZ has not issued updated guidance.

The move follows pressure from the Financial Action Task Force, the global anti-money-laundering body. Zimbabwe was removed from FATF’s “grey list” in 2022 and is seeking to avoid re-listing by bringing virtual asset service providers under oversight.

Despite the absence of visible exchanges, crypto activity has continued in Zimbabwe. Traders say significant volumes still flow through informal channels each month, operating outside the formal financial system.

Industry observers expect the regulations to formalize part of that market. Registered firms will be required to implement know-your-customer checks and suspicious transaction reporting.

The FIU is expected to publish compliance guidelines in the coming months. These are likely to include travel rule requirements for cross-border crypto transfers.

If banks remain barred from serving crypto firms, registered operators will face operational limits. Most will have to settle transactions in cash or stablecoins, raising costs and counterparty risk.

The regulations position Zimbabwe alongside other SADC countries that have moved to license crypto businesses to meet FATF standards. Enforcement and banking policy will determine whether the market shifts out of the informal sector.

Authorities have not announced a grace period for existing operators to comply. Businesses facilitating crypto transactions are now expected to register immediately or cease operations.