March 25, 2023

Cryptocurrency service providers operating in Ethiopia have been required to register with the country’s cybersecurity agency, the Information Cyber ​​Security Authority (INSA), according to a report in Ethiopia. Ethiopian Monitor.

The agency responsible for Ethiopia’s cybersecurity, INSA, has begun registering cryptocurrency service owners and transfer providers in the country. Cryptocurrency service providers have been required to register following an announcement by the National Bank of Ethiopia (NBE), in which they said that people use crypto transactions widely in the country and that it is currently illegal to use digital currencies. Earlier this year, lawmakers amended a law to recreate INSA, adding provisions that pave the way for the legal use of digital currencies. According to the report, the revised law gives cybersecurity agencies the power to oversee crypto products and related transactions. INSA is also responsible for developing operational procedures and cryptographic infrastructure. The NBE warns residents against using cryptocurrencies for payments, but also encourages them to report such transactions.

Despite the NBE’s hostile stance on cryptocurrencies, INSA has advised crypto service providers operating in the country to comply with its registration requirements, stating:

Individuals and entities are interested in providing crypto services including mining and transfers. [Therefore] To properly regulate this area, INSA has started to register individuals and entities involved in cryptographic operations (services), including money transfers and/or mining.

According to the Ethiopian Monitor report, crypto service providers have been given ten days to complete the registration process. The INSA also said it would take necessary “legal measures” against entities that did not comply with its directives.

Disclaimer: This article is for informational purposes only. It is not intended or intended to be used as legal, tax, investment, financial or other advice.

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