Tanzania Takes Step Towards Regulating Virtual Assets

The Bank of Tanzania (BoT) has completed an assessment of the country's virtual assets sector and developed a regulatory concept framework for cryptocurrencies, stablecoins, and other blockchain-based digital assets.

According to BoT Governor Mr. Emmanuel Tutuba, the proposal has been submitted to the Ministry of Finance for further development and policy processes before being translated into laws and regulations.

The proposed framework aims to provide legal certainty for businesses and individuals dealing in virtual assets while enhancing consumer protection, market oversight, and financial stability.

The move follows President Samia Suluhu Hassan's directive in June 2021 urging the central bank to prepare for cryptocurrencies and blockchain technology.