Rules applicable to the registration of Virtual Asset Service Providers approved

By way of Notice No. 4/GBM/2023, of 14 September 2023, the Bank of Mozambique approved the rules aimed at governing activities carried out by entities (natural or legal) transacting virtual assets in Mozambique (also known as VASPs). In particular, this new statute applies to entities engaged in the following activities:

1.  exchange services between virtual assets and fiat currencies;
2.  exchange services between one or more forms of virtual assets;
3.  transfer of virtual assets;
4.  providing custodian wallet services (which allow the safeguarding of private cryptographic keys on behalf of its customers, to hold, store and transfer virtual currencies); and
5.  transactions and provision of financial services related to the offer and/or sale virtual assets.

The above referenced entities are required to register with the Bank of Mozambique prior to commencing activities in Mozambique. Governance and risk management related obligations are also addressed in the new statute.

This statute shall come into force on 16 November 2023.

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