Namibia signs crypto exchange regulation bill into law
The Namibian Government officially signed a law to regulate Virtual Asset Service Providers operating in the country last week, reversing its original 2017 decision to ban cryptocurrency exchanges.
On July 21, the VASP-regulating law was inserted into the Gazette of the Republic of Namibia after previously being approved in Namibia’s National Assembly on July 6 and signed by President Hage Geingob on July 14.
The bill called the Namibia Virtual Assets Act 2023 aims to assign a regulatory authority to supervise crypto exchanges in the country. It is the first law laying out how the country should regulate cryptocurrency-related activities.
It will enter into force at a date determined by Namibia’s Ministry of Finance.
Among the top aims of the law is to ensure consumer protection, prevent market abuse and mitigate the risks of money laundering and the financing of terrorism.
Non-compliant providers could reportedly face penalties of up to $671,000 (10 million Namibian dollars) and 10 years in prison. The country’s central bank, the Bank of Namibia, maintains its position that cryptocurrencies will not hold legal tender status in the country.
Namibia’s legal U-turn started in May 2018 when the Bank of Namibia revised its original decision to ban cryptocurrency exchanges.
Related: Crypto exchange Roqqu receives South African approval to expand operations
Earlier this month, South Africa’s financial regulator announced that all cryptocurrency exchanges in the country will be required to obtain licenses by the end of 2023 in order to continue operations.
Other African nations that have passed cryptocurrency laws include Botswana, Kenya, Mauritius and Seychelles. The Central African Republic made Bitcoin (BTC) legal tender in April 2022, however, that legislation was repealed less than 12 months later.
Cameroon, Ethiopia, Lesotho, Liberia, Republic of the Congo, Sierra Leone, Tanzania and Zimbabwe are among the African countries to have enforced a ban on cryptocurrencies according to the International Monetary Fund.
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Canada’s equities regulator has excluded crypto funds from reduced margin eligibility, citing volatility, liquidity risks and regulatory concerns, making leveraged trading more expensive.
Grenfell campaigners have reacted to the “deeply sensitive decision” by the deputy prime minister to demolish the tower block.
Victims’ families and survivors were given the news in a meeting attended by Angela Rayner on Wednesday night.
Grenfell Next of Kin, which represents some of the bereaved families, described it as a “deeply sensitive decision… after a thorough engagement process in person” following an “uncomfortable conversation with uncomfortable truths”.
In a statement on X the group said: “The lack of closure, the continuous discussions and consultations, the retraumatisation of a divisive and painful debate brings nothing to the table except pain and further division.
“We want a discussion about what will go in the Tower’s place so it can be seen and remembered forever. We need to re-imagine a future and rebuild our broken shattered lives and our families.”
The government has previously said there will be no changes to the site before the eighth anniversary of the fire disaster, which claimed 72 lives on 14 June 2017.
It is expected more details will be set out by ministers by the end of the week.
Engineering experts have said that while the tower remains stable, and it is safe for people to live, work and study nearby, its condition will worsen over time and there is no realistic prospect of bringing it back into use.
The latest advice issued to the government in September was that the building, or the part of it that was significantly damaged, should be taken down.
Grenfell Tower pictured days after the devastating fire. Pic: AP
Meanwhile, another campaign group, Grenfell United, claimed Ms Rayner had not given a reason behind her decision during the meeting and refused to say how many of the victims’ families and survivors had been consulted.
In a statement, it said: “But judging from the room alone – the vast majority of whom were bereaved – no one supported her decision. But she claims her decision is based on our views.
“Ignoring the voices of bereaved on the future of our loved ones’ gravesite is disgraceful and unforgivable.”
Members of a support group for the next of kin and families of some the 72 people killed in the Grenfell Tower fire. Pic: PA
Grenfell Next of Kin expressed a different opinion, suggesting the decision by Ms Rayner “must have been difficult” and adding that “all the previous Secretaries of State [for Housing, Communities and Local Government] avoided making a decision despite the harm it did to us and the community.”
Local Labour MP Joe Powell also defended Ms Rayner posting on X that following “intensive engagement with our community… the decision to start planning for the Tower to come down has not been taken lightly”.
What is left of the tower has stood in place since the tragedy, with a covering on the building featuring a large green heart accompanied by the words “forever in our hearts”.
Views have varied on what should happen to the site.
Some of the bereaved and survivors feel the tower should remain in place until there are criminal prosecutions over the failings which led to the disaster.
The final report of the Grenfell Tower Inquiry, published in September, concluded the fire was the result of “decades of failure” by government and the construction industry to act on the dangers of flammable materials on high-rise buildings.
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Key takeaways from the Grenfell Inquiry
The west London tower block was covered in combustible products because of the “systematic dishonesty” of firms who made and sold the cladding and insulation, inquiry chairman Sir Martin Moore-Bick said.
He said the “simple truth” is that all the deaths were avoidable and that those who lived in the tower were “badly failed” by authorities “in most cases through incompetence but, in some cases, through dishonesty and greed”.
However, the Metropolitan Police said last year that decisions on criminal charges for the Grenfell Tower blaze are not expected until the end of 2026.
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It would mean a near 10-year wait for justice if anyone is ultimately charged – a period of time described by families as “unbearable”.
The disaster was Britain’s deadliest residential fire since the Second World War and began a national reckoning over the safety and conditions of social housing and tower blocks.
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September 2024: Grenfell community ‘brave and hopeful’
Separately, the Grenfell Tower Memorial Commission has been consulting on plans for a permanent memorial in the area of the tower.
A shortlist of five potential design teams was announced last month, with a winner expected to be selected this summer to enable a planning application to be submitted in late 2026.
A government spokesperson said: “The priority for the deputy prime minister is to meet with and write to the bereaved, survivors and the immediate community to let them know her decision on the future of the Grenfell Tower.
“This is a deeply personal matter for all those affected, and the deputy prime minister is committed to keeping their voice at the heart of this.”
The Conservative Party is pledging to tighten immigration rules after Reform topped a landmark poll for the first time earlier this week.
In her first major policy announcement as Tory Party leader, Kemi Badenoch is pledging to double the amount of time an immigrant needs to have been in the UK before claiming indefinite leave to remain from five to 10 years.
In order to claim indefinite leave to remain after 10 years, the individual must also meet new, tightened conditions.
These include not having claimed benefits or used social housing during the entire qualification period, not having a criminal record and being able to demonstrate that their household would be a “net contributor”.
Ms Badenoch accused Labour of being “not serious about tackling immigration” and said there needs to be a “new approach”.
“Our country is not a dormitory, it’s our home,” she said.
“The right to citizenship and permanent residency should only go to those who have demonstrated a real commitment to the UK. That’s why we should double the length of time before people can qualify for indefinite leave to remain from five to 10 years.
“The Conservative Party is under new leadership. We’re going to tell the hard truths about immigration.
“The pace of immigration has been too quick and the numbers coming too high for meaningful integration. We need to slow down the track for citizenship. A UK passport should be a privilege not an automatic right.
“Far from reducing the number of people coming into Britain, the Labour government are presiding over an incoming disaster.
“The Border Security Bill will actually make it easier for illegal immigrants to stay in the UK, let alone legal migrants. No one can trust Labour on immigration.”
The announcement comes just days after Reform topped a Sky News/YouGov poll for the first time as the party continues to shake up British politics.
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Reform UK tops landmark poll
The poll, taken on 2 February and 3 February, showed Nigel Farage’s party has edged in front on 25%, with Labour pushed into second on 24% and the Tories on 21%.
It also put the Lib Dems on 14% and Greens on 9%.
All the polling moves that push Reform UK to the top for the first time this week are within the margin of error and the overall picture remains unchanged – with Britain in a new period of three party politics in the polls.
According to the poll, one in five Tory voters at the last election would now vote for Reform.
The Sky News/YouGov poll also found Kemi Badenoch has slipped behind Nigel Farage when voters are asked whether they have a favourable or unfavourable opinion of the leaders.
Kemi Badenoch has fallen behind Nigel Farage in terms of net favourability rating. Pic: PA
Last month, Badenoch had a net favourability rating of -25, but that has now dropped to -29 this month.
This puts her below Farage, who had a net favourability rating of -32 last month, which has now risen to -27 this month.
Labour’s border security minister Dame Angela Eagle said: “While [the Conservatives] scramble around for relevance, this Labour government is getting on with clearing up the mess they left behind – raising deportations, returns and removals to the highest rate in six years, increasing the number of illegal working raids and cutting the costs of the asylum system.”
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