Zimbabwe Stock Exchange Opens Its Doors to Listing Cryptocurrencies Subject to “Regulatory Approval”
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Answer Zimbabwe Stock Exchange Opens Its Doors to Listing Cryptocurrencies Subject to “Regulatory Approval”
In a recent press report, it was stated that the “Victoria Falls” stock exchange, which is based in the African country “Zimbabwe”, has opened its doors to the listing of licensed cryptocurrencies.
According to the means local mediaHowever, the report does not provide any details of the requirements that cryptocurrency issuers must meet in order to list their cryptocurrencies for trading on the exchange.
Additionally, some in the small crypto community in Zimbabwe are still skeptical about the announcement especially since it does not come from a government regulator.
Others say the statement is attributed to the CEO of the Victoria Falls exchange and reveals limited understanding of decentralized cryptocurrencies such as Bitcoin.
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Prosper Moidze, a lawyer specializing in financial services and a lover of blockchain technology, commented on the recent announcement issued by the stock exchange by saying:
I think it’s positive that they are talking about it.
But they said it is subject to regulatory permission.
Currently, the Reserve Bank of Zimbabwe (RBZ) is adopting fintech but not crypto.
According to Moidze, stock exchanges are the jurisdiction of the Zimbabwe Securities and Exchange Commission (SECZ).
Moidze adds:
They haven’t told anything yet about how they view cryptocurrency.
Zimbabwe has not yet followed the path taken by other African countries such as Nigeria, which recently designated cryptocurrencies as securities.
In 2018, the Central Bank of Zimbabwe issued a notice advising Zimbabweans to stay away from risky cryptocurrencies.
During the same year, the central bank imposed the closure of Golix, the largest cryptocurrency exchange in the country at the time.
But since late 2019, Zimbabwe’s central bank has been carefully releasing statements that appear to show a different stance on cryptocurrencies and other emerging financial technologies.
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However, these statements did not lead to modifications or changes to the relevant regulations.
Moidzi points out that the exchange that announced the news kicked the ball into the court of the regulator, SECZ, and this now depends on the body’s reaction and whether they agree with what was announced or not.
In conclusion, it remains to be seen whether the statement from the CEO of the Zimbabwe Stock Exchange will push the regulators in Zimbabwe to become more familiar with cryptocurrencies.
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