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Gabon Regulates Cryptocurrency Exchanges with Updated Financial Market Regulation
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In a major boost to the cryptocurrency industry, the Financial Market Regulator of the CEMAC Zone (Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon) has published updated financial market regulation that establishes a legal framework for crypto platforms operating within the zone.
Background
The move comes after several warnings from the regulator and national authorities regarding the lack of regulation for cryptocurrency asset offerings in the CEMAC zone. Despite this, the President of the Central African Republic had earlier enacted a law recognizing bitcoin as an alternative to the fiat currency of the CEMAC Zone applicable in that country.
New Regulation
The publication of the updated regulation introducing a legal framework for crypto platforms in the CEMAC zone is seen as a positive development for the industry. Under the new regulation, virtual asset services are defined as offering one or more of the following services or operations:
- Custody Services: Providing custody for VAs on behalf of others
- Exchange Services: Facilitating the exchange of VAs for legal tender or other VAs
- Trading Platform Services: Operating trading platforms for VAs
- Other VA-related Services: Offering other VA-related services such as receiving and transmitting orders for third parties, managing portfolios for third parties, giving advice, and making investments
Market Intermediaries and Virtual Asset Service Providers (VASPs)
The updated regulation also introduces a new category of actors in the market known as “Market Intermediaries”. These intermediaries are individuals or entities who regularly provide financial services but must be accredited to do so. A subset of Market Intermediaries is Virtual Asset Service Providers (VASPs), which specifically offer services related to virtual assets.
Implementation and Future Developments
The regulation includes virtual asset services as a type of financial service, and it is expected that the implementing instrument of the regulation will provide further clarity on the requirements for crypto platforms operating in the CEMAC zone. Gabon’s move to regulate cryptocurrency exchanges is seen as a sign of relief for the industry, which has been operating without clear guidelines until now.
The Way Forward
The updated regulation provides a legal framework for crypto platforms and paves the way for their growth and development in the region. This is a positive step towards establishing a more robust and secure cryptocurrency ecosystem in Gabon and the CEMAC zone as a whole.