In August, Angolan authorities announced that a bill to regulate virtual assets and cryptocurrency mining was in the works. According to reports, the bill has now been passed into law by the country’s parliament.
- The bill, sponsored by the office of the president of Angola’s office, was unanimously passed and adopted by 167 members of parliament last Friday, Dec. 8.
- Angola’s secretary of state for finance and treasury, Otoniel dos Santos, said the law aims to protect Angolans.
- Per reports, the legal document comes in five sections. It contains provisions on issuing and circulating cryptocurrencies, crimes against the country’s energy system and regulating crypto activities.
- Dos Santos said the law was crafted based on past incidents threatening the country’s environmental stability and energy security.
- He also assured that the regulations would guard against money laundering and terrorist financing inclinations often associated with private cryptocurrencies.
- It is unclear when exactly the law is set to take effect.
- Dos Santos said:
“The [legal] instrument also proposes to prevent, in a general way, within the framework of criminal policy, conduct that jeopardizes national monetary sovereignty and also to protect the energy and environmental systems.”
- In August, the office of Angola’s president, through its minister of finance, proposed a bill to ban crypto mining and limit the circulation of digital assets not issued by the country’s central bank.
- The bill also sought to bring virtual assets under the country’s Capital Markets Commission (CMC) purview.
- Bitcoin expert and founder of the Angolan crypto exchange, Yetubit, Manuel Euclides, told Mariblock that while he favors regulations, he fears the new law could hinder crypto adoption in the country.
- He said:
“One of the reasons the government cites for banning cryptocurrency mining is the security of the national energy system and environmental protection, and I agree with the government on this … [but] If this law is approved, it will be a significant setback for the adoption of cryptocurrencies in Angola.”
- Cryptocurrencies are not illegal in Angola, but authorities have warned against transacting with them, going as far as restricting financial institutions from dealing with the asset class.
- The country sees more Bitcoin mining than most African nations, a reality that has triggered environmental and energy consumption concerns.
- Earlier this year, its Criminal Investigation Service detained several Chinese nationals for mining crypto from a camouflaged brick factory.