Zimbabwe brings crypto firms under RBZ oversight in new AML rules

Zimbabwe has placed cryptocurrency firms under Reserve Bank of Zimbabwe oversight through new anti-money laundering rules.

Statutory Instrument 99 of 2026 places crypto businesses under the RBZ unit that handles financial crime controls. The rules require firms that buy, sell, transfer, or store digital assets to register as VASPs.

Crypto firms must register as VASPs

The new framework gives Zimbabwe a formal rulebook for virtual asset service providers. It covers commercial firms that help customers access, move, hold, or exchange digital assets. The government introduced the regime after years of legal uncertainty in the crypto sector. 

In 2018, the central bank ordered banks to stop processing crypto-related transactions. The latest rules end that gap by creating a direct registration process. Crypto companies now need legal recognition before they operate in the domestic market.

According to one report, Zimbabwe wants to avoid the Financial Action Task Force grey list. The report linked the rules to anti-money laundering and financial crime compliance. Techzim described the move as a regulatory message to global watchdogs. “A big part of S.I.99 is really Zimbabwe showing its homework to the world,” Techzim reported.

Compliance rules add banking-style demands

The regulations place crypto operators under compliance demands similar to those in commercial banking. Digital asset firms must create a legally registered domestic subsidiary. The statutory instrument also sets an annual registration fee of $500. 

Directors must clear background checks before their firms receive approval. The rules require crypto companies to implement the travel rule. That requirement makes firms collect and share transaction data during qualifying asset transfers.

The framework focuses on financial crime controls rather than crypto adoption as legal tender. Techzim reported that the rules do not give sovereign endorsement to cryptocurrencies. The RBZ anti-money laundering arm will oversee the registered entities under the new regime. The rules therefore, connect crypto activity with existing national financial surveillance systems.

Smart contract control triggers compliance

The statutory instrument uses a technology-neutral approach for digital finance activities. It states that decentralization alone does not remove legal responsibility from operators. Organizations that can alter smart contracts meet the control test under the rules. Firms that route funds or set transaction fees also meet that compliance threshold.

This approach brings some decentralized finance structures into the regulatory perimeter. It focuses on control over systems, rather than labels used by crypto projects. Local fintech startups may face higher operating costs under the new requirements. 

However, supporters of the rules say clear guidelines reduce the risk of sudden regulatory action. The legislation now gives Zimbabwe a formal registration path for crypto businesses. It also gives the RBZ direct oversight over companies that handle digital asset services.