Zimbabwe issued Statutory Instrument No. 99 on June 12, requiring all Virtual Asset Service Providers (VASPs) operating in Zimbabwe to register with the Zimbabwe Reserve Bank’s Financial Intelligence Unit (FIU), with a registration fee of $500 and an annual renewal fee of $400. Operating without registration is a criminal offense. This replaces Zimbabwe’s 2018 Reserve Bank ban on financial institutions handling cryptocurrency transactions.
Key Provisions of Zimbabwe Statutory Instrument No. 99
Under Statutory Instrument No. 99 issued on June 12, 2026:
Applicable entities: All companies conducting digital asset trading, transfer, or custody business in Zimbabwe
Registration authority: Zimbabwe Reserve Bank Financial Intelligence Unit (FIU)
Registration fee: $500 (one-time)
Annual renewal fee: $400
Certificate validity: One year, and non-transferable (companies may not obtain the license through means such as company acquisitions)
Criminalization: Operating without registration constitutes a criminal offense
Additional requirement: Depending on business nature, some companies may also need a separate license from the Zimbabwe Securities Regulatory Authority SECZIM
Confirmation of the Shift from the 2018 Ban to the 2026 Licensing Regime
Reports say Zimbabwe’s regulatory evolution is as follows: In 2018, Zimbabwe’s Reserve Bank banned financial institutions from handling cryptocurrency transactions. After the ban was issued, trading did not stop; instead, it moved underground, and peer-to-peer platforms became the main way Zimbabweans access digital assets. The issuance of Statutory Instrument No. 99 marks Zimbabwe’s shift from prohibition to formal regulation, while clearly confirming that it does not recognize cryptocurrency as legal tender.
The reports note that Zimbabwe experienced one of the worst bouts of malignant hyperinflation in modern history, severely undermining public confidence in the country’s currency and making U.S.-dollar-denominated alternative assets (including cryptocurrencies) highly attractive to the general public.
Confirmed Market Size Data for Sub-Saharan Africa
Based on publicly released Chainalysis report data:
Time period: July 2024 to June 2025
On-chain transaction value in Sub-Saharan Africa: more than $205 billion
Year-over-year growth: about 52%
Frequently Asked Questions
Does Zimbabwe’s cryptocurrency now have legal tender status?
Under Statutory Instrument No. 99, no. Zimbabwe explicitly confirms that this framework is designed to create a regulated space for digital asset businesses, rather than declaring cryptocurrency to be legal tender. Digital assets such as Bitcoin do not have legal tender status in Zimbabwe.
Which operators need to obtain an additional SECZIM license?
According to reports, depending on business nature, some companies may need to obtain a separate license from SECZIM, the Zimbabwe Securities Regulatory Authority, in addition to registering with the Reserve Bank FIU. Specific qualifying conditions were not detailed in public reports.
What is the link between Zimbabwe’s VASP registration system and FATF standards?
According to reports, Statutory Instrument No. 99 explicitly incorporates Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) requirements, bringing Zimbabwe closer to the VASP regulatory standards set by the Financial Action Task Force (FATF).
