Is Crypto Legal in Zimbabwe?

Cryptocurrency is not illegal in Zimbabwe but operates without a comprehensive regulatory framework, placing it in a legal gray area (1). The Reserve Bank of Zimbabwe issued a statement in December 2017 declaring that virtual currencies do not have legal tender status in Zimbabwe, and in 2018, the central bank prohibited financial institutions from facilitating cryptocurrency transactions (1). Despite these restrictions, cryptocurrency activities continue primarily through peer-to-peer transactions and informal channels (2).

The government began reconsidering its position in 2024, with the National Risk Assessment Coordination Committee conducting public consultations to develop a regulatory framework for virtual assets and virtual asset service providers (1). The Digital Assets Business Bill 2021 was drafted to regulate persons carrying on digital asset business, designating the Reserve Bank of Zimbabwe as the primary regulator responsible for licensing activities including issuing, selling, or redeeming virtual assets, operating exchanges, and providing custodial wallet services (1). The 2024 Virtual Assets Risk Assessment Report found that the overall money laundering, terrorist financing, and proliferation financing risk level was rated medium-low due to the sector's nascent stage and limited adoption (2).

"The Regulator may license an undertaking to carry on one or more of the following digital asset business activities for the period specified in the licence including issuing, selling or redeeming virtual coins, tokens or any other form of digital assets, operating as a payment service business utilising digital assets, operating as an electronic exchange, providing custodial wallet services, and operating as a digital assets services vendor."

Crypto activities in Zimbabwe are mostly peer-to-peer, mainly due to the absence of a formal platform for interaction between formal banking channels and virtual asset service providers (2). The Financial Intelligence Unit assessment revealed that several cryptocurrency exchanges originated from Zimbabwe since 2018, though many ceased operations by 2020, with none having more than 3,000 subscribers at their peak (2). The government's consultation process ended in June 2024, marking a significant policy shift toward establishing licensing requirements for crypto exchanges and bringing legitimacy to an industry that has operated informally for years (1)(2).

Source:
https://t3n9sm.c2.acecdn.net/wp-content/uploads/2021/01/ZIMBABWE-BLOCKCHAIN-TECHNOLOGY-AND-DIGITAL-ASSET-BUSINESS-BILL-2021-.pdf
https://www.fiu.co.zw/wp-content/uploads/2025/05/2024-Virtual-Assets-and-Virtual-Assets-Service-Providers-Risk-Assessment.pdf

Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.