Botswana's Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has cancelled the licence of PAA Capital (Proprietary) Limited under section 15(b) of the Virtual Assets Act, 2025, ending its authorisation to provide regulated virtual asset services. Following the cancellation, PAA Capital is no longer permitted to offer any virtual asset services to the public, including offering, advertising, or providing virtual asset exchange, transfer, custody, or brokerage services, or entering into new customer engagements related to regulated virtual asset activities. NBFIRA also warned that continuing regulated activities without a valid licence would contravene the Act and may trigger enforcement action, and directed the firm to notify customers and arrange for the safeguarding and proper return or lawful transfer of customer assets and funds, including closing or transferring customer accounts in line with applicable law.
Botswana Non-Bank Financial Institutions Regulatory Authority 2026-02-27
Botswana's Non-Bank Financial Institutions Regulatory Authority cancels PAA Capital’s virtual asset service provider licence
Botswana's Non-Bank Financial Institutions Regulatory Authority has revoked PAA Capital (Proprietary) Limited's licence under the Virtual Assets Act, 2025, prohibiting it from offering virtual asset services. NBFIRA warned that any continued regulated activities without a valid licence would breach the Act and could lead to enforcement action. The firm must notify customers and ensure the proper return or transfer of assets and funds.