Angola has strengthened its regulatory stance on digital assets and crypto-mining with the recent passage of a bill by the nation's parliament. Initiated by the president's office, the crypto legislation received unanimous support from 167 parliamentarians, marking a significant step in crypto’s regulatory landscape in Angola, where illegal crypto mining continues to threaten national energy security.
The bill is composed of five sections that cover various aspects related to virtual assets and crypto-mining. It covers critical facets such as cryptocurrency issuance and mining, circulation, crimes against the energy system, and the comprehensive regulation of crypto activities. Otoniel dos Santos, Angola's Secretary of State for Finance and Treasury, stressed that the primary objective of the law is to protect Angolans from potential risks associated with crypto activities.
Dos Santos emphasized that the legislative framework draws inspiration from past incidents that jeopardized Angola's environmental stability and energy security. The law aims to prevent activities that could compromise national monetary sovereignty while prioritizing the protection of energy and environmental systems. The bill also takes a proactive stance against money laundering and terrorist financing, which are commonly associated with private cryptocurrencies.
While the bill has received parliamentary approval, the timeline for its implementation remains uncertain. Dos Santos did not provide a specific timeline for the bill’s enforcement.
In August, the Angolan president's office initiated steps to ban crypto mining and the circulation of digital assets not issued by the country's central bank. The proposed legislation also sought to bring virtual assets under the purview of the Capital Markets Commission.
Manuel Euclides, founder of the Angolan crypto exchange Yetubit, expressed reservations that the new law might pose challenges to cryptocurrency adoption in the country. “One of the reasons the government cites for banning cryptocurrency mining is the security of the national energy system and environmental protection, and I agree with the government on this … [but] If this law is approved, it will be a significant setback for the adoption of cryptocurrencies in Angola,” he said in a chat with local publication, Mariblock.
While cryptocurrencies remain legal in Angola, authorities have consistently cautioned against transactions involving them, going to the extent of restricting financial institutions from engaging with the asset class. The country, which records some of the continent’s highest levels of Bitcoin mining, has continued to grapple with environmental and energy consumption concerns. This year, an Angolan local publication reported the detainment of Chinese nationals who were illegally mining crypto from a building camouflaged as a brick factory.

With this move, Angola joins a growing list of African countries taking crypto regulations more seriously. NODO has recently reported regulatory revamp efforts by Seychelles, South Africa, and Kenya.