Zimbabwe is making significant strides in regulating virtual assets, and this shift is important not just locally but also on a broader scale. For an industry that has long navigated murky waters across much of Africa, each new regulatory framework sends a clear message to consumers, businesses, and other regulators who are keenly observing the developments.

The foundation for this change was established back in December 2025, when the Finance Act (No. 7 of 2025) provided Zimbabwe with its first legal framework for overseeing virtual asset service providers, or VASPs. This pivotal legislation introduced two key requirements: a license to operate and a separate registration aimed at anti-money laundering (AML) compliance. Earlier this year, draft regulations for VASPs were shared for public feedback, followed by a collaborative session that brought industry representatives together with regulators.

On June 10, 2026, this process culminated in its first official outcome. Statutory Instrument 99 of 2026 was published, mandating that all VASPs register with Zimbabwe's Financial Intelligence Unit (FIU) for AML purposes. While this is a significant step forward, it’s just part of the overall picture. A complete operating license still needs to be granted by the Securities and Exchange Commission of Zimbabwe, and the specific rules for that license are still being worked out. Operators need to understand that these two processes are separate; registering for AML compliance doesn’t equate to being fully licensed, and clarity on this distinction is crucial as the regulatory framework continues to evolve.

Yellow Card has been actively involved in this process from the very beginning, not just sitting on the sidelines but truly participating. We made sure to submit our formal comments on the draft VASP regulations when the consultation was open, and we also took part as panelists at the VASP Stakeholder Engagement organized by SECZ on June 4, bringing our industry insights to the discussions that are shaping these important rules. When the AML statutory instrument was published, we were already ahead of the game; we had submitted our registration with the FIU before the requirement officially kicked in, and we’re continuing to work closely with the FIU as this process unfolds.

This level of engagement reflects our overall approach to regulation: we see it as something to collaborate with, not something to sidestep. Clear rules are incredibly beneficial for virtual asset markets. They instill confidence in consumers, provide certainty for businesses, and equip regulators with the necessary tools to tackle real risks like money laundering and fraud. In areas where frameworks are still being developed, the best thing a company in this space can do is to get involved early, share its operational insights, and comply with existing regulations instead of waiting for clarity that might take a while to materialize.

Zimbabwe's regulatory framework is still a work in progress. The licensing rules are being finalized, and it would be premature for any operator to claim otherwise. What’s evident is the direction we’re heading in: virtual assets are being integrated into a formal, supervised structure, with anti-money laundering measures as a top priority.

Yellow Card is fully on board with this direction. We believe that a well-regulated virtual asset market, one that protects consumers and maintains the integrity of the financial system, is beneficial for both the industry and the countries we operate in. As Zimbabwe's framework continues to evolve, we’ll keep engaging in the same constructive and transparent manner we have so far, aligning with what the law actually requires.