Zimbabwe’s central bank has moved to bring the country’s crypto sector into formal regulatory view. Statutory Instrument 99 of 2026 places virtual asset service providers (VASPs) under the Reserve Bank of Zimbabwe’s (RBZ) anti‑money laundering unit, creating a clear registration and compliance regime for firms that buy, sell, transfer, hold or otherwise facilitate access to digital assets.
What the rules require
- Crypto businesses must register as VASPs with the RBZ before operating domestically.
- Operators must form a legally registered local subsidiary and pay an annual registration fee of $500.
- Company directors must pass background checks as part of the approval process.
- Firms must implement the “travel rule,” collecting and sharing transaction data for qualifying transfers.
- Oversight and enforcement will be handled by the RBZ’s financial crime controls unit.
Why it matters
The new framework ends years of uncertainty that began after a 2018 RBZ directive that ordered banks to stop processing crypto‑related transactions. By setting out a formal rulebook, Zimbabwe is linking crypto activity to the country’s existing financial surveillance systems and aligning with global anti‑money laundering expectations.
Regulatory approach and scope
SI 99 takes a technology‑neutral stance: decentralization alone does not exempt projects from responsibility. The instrument treats entities that can change smart contracts, route funds, or set transaction fees as meeting the “control” test, effectively pulling some decentralized finance (DeFi) structures into the regulatory perimeter. Importantly, the rules are focused on AML and financial crime controls rather than endorsing cryptocurrencies as legal tender.
Political and market context
Observers say the move is partly aimed at avoiding inclusion on the Financial Action Task Force’s grey list and demonstrating compliance readiness to international watchdogs. Local outlet Techzim described SI 99 as “Zimbabwe showing its homework to the world.” Supporters argue the clarity reduces the risk of sudden crackdowns, while critics warn the new compliance obligations and setup costs may raise barriers for local fintech startups.
Bottom line
SI 99 of 2026 creates Zimbabwe’s first explicit registration pathway for crypto firms and places them squarely under RBZ AML oversight. The rules close a long-standing legal gap, increase regulatory transparency, and bring many crypto activities—centralized and certain DeFi operations—into the country’s anti‑financial‑crime framework, even though they stop short of granting sovereign endorsement to digital assets.
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