The authorities in the African country of Botswana have just passed a bill aimed at introducing a comprehensive regulatory framework for cryptocurrency trading.
According to Bloomberg, the virtual assets bill, which was passed unanimously last February 2, has become part of efforts to tighten measures to combat money laundering in the country.
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According to the opposition party, the unregulated status of the crypto sector will turn the local financial sector into the "Wild West." The lawmakers have added that a regulatory framework is necessary to prevent money laundering.
The new legislation will require anyone wishing to trade cryptos to obtain a license from the regulator of non-banking financial institutions.
Botswana's central bank warned two months ago that investing in cryptocurrencies poses a great risk and called for greater oversight.