Bank of Zambia mandates virtual asset service provider registration by 27 March 2026 and restricts regulated entities from transacting with unregistered VASPs

The Bank of Zambia has issued a public notice requiring all entities and individuals providing virtual or crypto asset services in Zambia to register as virtual asset service providers (VASPs) with the Bank by 27 March 2026, as a preliminary step in developing a comprehensive regulatory framework for the sector. From 30 March 2026, entities regulated by the Bank will not be allowed to facilitate transactions to or from VASPs that are not registered with the Bank. The registration requirement applies to both resident and non-resident providers offering services to individuals and businesses in Zambia, regardless of physical presence. It covers business activities including exchange between virtual assets and fiat currencies, exchange between virtual assets, transfer of virtual assets, safekeeping or administration of virtual assets (or instruments enabling control over them), and participation in or provision of financial services related to an issuer’s offer or sale of a virtual asset. The Bank framed the exercise as a means to build a central database, assess market scale and risks, inform a risk-based framework, monitor compliance with existing laws and international standards, and support consultations with registered VASPs; registration does not constitute a licence or official approval to operate. The Bank said it will release a comprehensive regulatory framework in due course, and that registered VASPs will be required to comply with the resulting regulations to continue operating in Zambia.