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Deep Tide TechFlow news. On June 12, Reuters reported that the Zimbabwean government announced it will require businesses engaged in the trading, transfer, or custody of virtual assets to register annually with the Financial Intelligence Unit (FIU) and pay a $500 annual fee. Operating without registration will be considered illegal. This is Zimbabwe’s first specialized regulatory framework for the cryptocurrency industry, aiming to bring the long-standing informal market under regulation.
Previously, in 2018, Zimbabwe banned financial institutions from trading cryptocurrencies, and trading activities subsequently shifted to peer-to-peer platforms and social media.