Botswana has passed a bill to regulate crypto currencies as apart of a bid to tighten anti laundering measures, the country’s finance minister Peggy Serame has confirmed.
The bill that was approved unanimously states that the, “Regulatory Authority may grant a license if the applicant demonstrates that it has the necessary infrastructure and resources to carry out the business activities of a virtual asset service provider or issuer of initial token offerings and that the applicant is a fit and proper person,” According to Part IV of the bill, “License holders are expected to protect assets belonging to clients.
They are also expected to “prevent market abuse and provide measures for the acquisition of a beneficial interest in their businesses.”
White Paper Issuance is Mandatory: with respect to the advertisement of token offerings, the law states: “a license holder shall issue a white paper that contains full and accurate information for potential purchasers of virtual assets and initial token offerings to make informed decisions.
Botswana was recently removed from the global financial action task force list of countries needing more oversight in regards to tightening anti money laundering measures.