Cryptocurrency is legal in Namibia under the Virtual Assets Act 10 of 2023, which was assented to on July 14, 2023, and commenced on July 25, 2023 (1). The Act defines virtual assets as digital representations of value that can be digitally transferred, stored or traded, that use distribution ledger technology or similar technology, and that can be used for payment or investment purposes (1). The provision of virtual asset services is legal in Namibia, though cryptocurrencies are not recognized as legal tender in the country (2).
The Minister of Finance designated the Bank of Namibia as the Regulatory Authority to exercise powers and perform functions under the Virtual Assets Act (1). Virtual asset service providers must obtain licenses to operate, with the Act specifying various classes of licenses for different services including virtual asset exchanges, custody services, and initial token offerings (1). In January 2025, the Bank of Namibia issued provisional authorization to two companies—Mindex Virtual Asset Exchange and Landifa Bitcoin Trade CC—to operate as cryptocurrency service providers (2).
"This framework ensures Namibians can participate in virtual asset services through licensed and supervised entities, reducing the risks associated with unregulated markets, such as fraud and money laundering."
Provisional authorization is a preliminary stage before full licensing and is valid for six months, during which entities are prohibited from offering any products or services to the public until full licensing has been obtained (2). Licensed service providers fall under the supervision of the Bank of Namibia in collaboration with the Namibia Financial Institutions Supervisory Authority (2). Non-compliant providers face severe penalties including fines of up to 10 million Namibian dollars and imprisonment for up to 10 years (1). The Act includes provisions for safekeeping client virtual assets, prevention of market abuse, and transfer obligations (1).
Source:
https://namiblii.org/akn/na/act/2023/10/eng@2023-07-21
https://www.namibian.com.na/cryptocurrencies-not-legal-tender-bank-of-namibia-insists/
Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
