The Zimbabwean government has launched a study aimed at developing regulations for the virtual asset industry.

According to a report from the Zimbabwe Mail on June 12, the government has formed a committee to gather data from cryptocurrency companies operating within the country. This initiative seeks to gain a thorough understanding of Zimbabwe's crypto industry, including its size and activities.

The committee is inviting input from both local and international crypto firms, with a submission deadline set for June 26.

Nick Mangwana, Zimbabwe’s Permanent Secretary for Information and Publicity, described the study as a comprehensive project intended to provide a detailed overview of the country’s crypto sector. Its primary objective is to lay the groundwork for future regulatory measures.

Mangwana explained:

"Our first goal is to assess the scope and scale of the cryptocurrency ecosystem in Zimbabwe. This involves mapping out the various participants and activities within the sector to gain a clearer understanding."

He also underscored the importance of evaluating the risks associated with digital assets, such as money laundering and terrorism financing, due to their anonymous and decentralized nature.

"The aim is to assess the potential misuse of cryptocurrencies for illicit purposes and implement measures to mitigate these risks," Mangwana added.

The study is expected to culminate in the development of a comprehensive regulatory framework aimed at promoting innovation while ensuring the integrity of Zimbabwe's financial system.

These efforts reflect the growing adoption of cryptocurrencies across Africa, where many individuals use digital assets to circumvent banking restrictions and exchange rate limitations. Governments in the region are increasingly acknowledging the benefits of cryptocurrencies for their populations, with countries like Kenya also advancing in their efforts to regulate the crypto industry.