Botswana
Botswana enacted its Virtual Assets Act in 2022, giving NBFIRA licensing authority over exchanges and token offerings. With a clean FATF standing and a stable institutional environment, the framework is credible but lightly tested — only a handful of licences have been issued.
Developing
Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
Virtual Assets Act 2022 — licensing of virtual asset businesses and ITOs under NBFIRA.
Financial Intelligence Act obligations apply to VASPs; Botswana exited FATF grey list in 2021.
Pending — Provided for in subsidiary regulations; operational guidance awaited.
No bespoke crypto tax guidance; general income tax principles applied.
Virtual Assets Act disclosure duties; NBFIRA public warnings regime.
- —Shallow domestic market limits supervisory experience
- —Travel Rule operational guidance still pending
- —Banking access for licensed VASPs remains cautious
Establishes licensing and conduct regime for virtual asset businesses.
AML baseline extended to virtual asset businesses.
Domestic licensing regime slowly gaining traction.
Consultation with industry on implementation thresholds.
- 2021
FATF grey-list exit
- 2022
Virtual Assets Act enacted
- 2024
First VASP licence issued
- 2026
Travel Rule consultation underway