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Botswana central bank urges regulation to mitigate crypto market risks

Botswana's central bank has called for regulatory frameworks for the country's underdeveloped crypto markets, which currently pose minimal risks to financial stability. However, as these markets become more integrated with the financial system, potential systemic risks may arise. The bank also highlighted concerns over digital payment instruments, particularly regarding money laundering and terrorist financing, necessitating enhanced market surveillance and collaboration with law enforcement.
Digital Watch Observatory
Bank of Botswana Bank BWA
Regulatory & Legal, News Article
15:06 23.12.2024

Botswana central bank advocates for proactive crypto regulations to mitigate risks

Botswana's central bank has called for the establishment of crypto regulations to address potential systemic risks as the interconnectedness between the crypto market and traditional finance grows. While the local cryptocurrency market is currently underdeveloped and poses minimal risks, concerns about money laundering and terrorist financing linked to digital payment instruments necessitate proactive regulatory measures. Enhanced market surveillance and collaboration with law enforcement are recommended to combat illegal activities in the sector.
Cryptonews
MSCI UNITED KINGDOM QUALITY Bank of Botswana Bank BWA USA TWN GBR Evan Kirstel Donald Trump Tulip Siddiq Show more
Regulatory & Legal, News Article
12:58 23.12.2024

Botswana central bank calls for crypto regulation amid minimal risks

Botswana's central bank has assessed the current risks of its underdeveloped crypto market as "minimal," but emphasizes the need for proactive regulation to prevent future systemic risks as integration with traditional finance increases. The report highlights ongoing misconduct in the crypto space and calls for effective oversight frameworks, particularly to combat money laundering and terrorist financing linked to digital payment instruments. While cryptocurrencies are not seen as a significant threat to financial stability now, the potential for exploitation necessitates robust anti-money laundering measures and collaboration with law enforcement.
CoinCodeCap
Bank of Botswana Bank BWA
Finance & Economy, Market Report
12:15 23.12.2024

Botswana central bank calls for crypto regulation despite minimal financial risks

Botswana's central bank has identified minimal risks from local crypto markets to financial stability, attributing this to their underdevelopment. However, it emphasizes the need for regulatory frameworks to address potential future risks, particularly concerning money laundering and terrorist financing linked to digital payment instruments. The bank calls for compliance with anti-money laundering regulations and enhanced market surveillance to mitigate these security threats.
Cointelegraph
Bank of Botswana Bank BWA
Regulatory & Legal, Market Report
09:24 23.12.2024
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