Central Bank of Botswana: Crypto market risks are 'limited' but calls for stronger regulation
According to online reports, the Central Bank of Botswana released the "Financial Stability Report" stating that due to the immature development of the local crypto market, the current risks to financial stability are "limited." But the central bank emphasized the need to establish a regulatory framework to guard against potential future risks, and listed the use of digital payment instruments for money laundering and terrorist financing as one of the top five national security risks. The report shows that although the increased interconnection between the crypto market and the traditional financial system may bring systemic risks, due to the relatively simple nature of Botswana's local virtual asset market, the current risks are controllable. The central bank called on crypto service providers to comply with regulatory requirements such as anti-money laundering (AML) and counter-terrorism financing (CFT), and recommended using market surveillance and law enforcement cooperation to combat illegal activities.
Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.