Bank of Namibia Crypto Policy: What You Need to Know in 2026

The Bank of Namibia doesn’t recognize Bitcoin or any other cryptocurrency as legal tender. But here’s the twist: you can still use it to buy coffee in Windhoek-if the shop owner agrees. That’s the reality of crypto in Namibia in 2026. It’s not legal. It’s not banned. It’s stuck in a gray zone, carefully managed by rules that change faster than most people realize.

How Did We Get Here?

Back in 2018, the Bank of Namibia was clear: cryptocurrencies weren’t commodities, and they weren’t welcome on any financial market. That stance lasted for years. But by 2022, things started shifting. The central bank quietly acknowledged that merchants could accept Bitcoin as payment, even if it had no official status. It wasn’t endorsement-it was recognition of what was already happening on the ground.

The real turning point came in June 2023, when Namibia’s National Assembly passed the Virtual Assets Act (Act No. 10 of 2023). This wasn’t just a policy tweak. It was a full legal overhaul. Around the same time, the Payment System Management Act was also signed into law. Together, these two laws created the first real regulatory structure for crypto in the country.

Now, here’s the catch: while the law allows crypto to be used as payment, it still doesn’t give it legal tender status. That means no one has to accept it. No bank has to process it. And the government won’t back it. But if you and the shopkeeper both agree to use Bitcoin for your groceries? That’s perfectly fine under current rules.

How Crypto Businesses Must Operate

If you want to run a crypto exchange, ATM, or wallet service in Namibia, you can’t just open a website and start taking money. You need a license. And the only body that can issue one is the Namibia Financial Institutions Supervisory Authority (NAMFISA), working under the Bank of Namibia’s oversight.

The licensing process is strict and slow. First, you apply for provisional authorization. This isn’t a green light to start business. It’s a six-month trial period where you’re allowed to set up your tech, hire staff, install security systems, and get your compliance software running. But you can’t interact with any customers in Namibia-not even one transaction.

During this time, you must comply with full anti-money laundering (AML) and counter-terrorist financing (CTF) rules. That includes the Travel Rule: for any transaction over NAD 20,000 (about $1,000), you have to collect and store the full name, ID number, and account details of both sender and receiver. No exceptions.

You also can’t operate any foreign-based exchange. All services must be physically based in Namibia. And you must keep detailed records of every user and every transaction. No deleting logs. No anonymous accounts.

Only after those six months-and only after NAMFISA confirms you’ve met every requirement-do you get your full license. Even then, you’re still under constant supervision.

Who’s Already Licensed?

On January 13, 2025, the Bank of Namibia granted provisional authorization to four companies:

• Finatic Technologies (Pty) Ltd. - Payment services
• United PayPoint (Pty) Ltd. - Payment services
• Mindex Virtual Asset Exchange (Pty) Ltd. - Crypto exchange
• Landifa Bitcoin Trade CC - Crypto exchange

But by mid-2025, three of those four had asked for extensions to their provisional periods. Landifa got an extension until July 31, 2025. United PayPoint until May 13. Mindex until November 21. Why? Because meeting the requirements is harder than it looks.

The Bank isn’t rushing. It’s checking everything. Backgrounds. Software. Data storage. Staff training. If you’re not ready, you don’t get approved. And if you try to operate before approval? You’re breaking the law.

What’s Not Allowed

There are clear red lines. The Bank of Namibia has said outright: initial coin offerings (ICOs) are dangerous. They’re prone to fraud, manipulation, and misleading claims. The central bank doesn’t support them. And if you try to launch one in Namibia, you’ll face serious legal consequences.

You also can’t use crypto to evade currency controls. You can’t use it to move money out of the country illegally. And you can’t use it to avoid taxes. The rules are designed to prevent the same problems that have plagued crypto markets elsewhere: money laundering, scams, and tax evasion.

Even more telling: the Bank has made it clear it doesn’t support the use of blockchain technology for public infrastructure. That’s a big deal. While other African countries are testing blockchain for land registries, voting, or supply chains, Namibia is holding back. The U.S. Department of State’s 2025 Investment Climate Statement pointed this out directly, calling the Bank’s reluctance a barrier to innovation.

How Namibia Compares to Other African Countries

Namibia isn’t the most open. It’s not the most restrictive. It’s somewhere in the middle.

Nigeria banned banks from handling crypto transactions in 2021. It’s still that way. Botswana outright prohibits crypto trading. Tanzania has a full ban. Kenya? Almost no rules-just a wild west market.

South Africa has had VASP licensing since 2022 and is more advanced. Ghana is planning its rules by the end of 2025. But Namibia? It’s the first country in southern Africa to pass a full, detailed law with enforcement mechanisms.

The six-month sandbox period is unique. No other African country requires you to build your entire operation in secret before you can even talk to a customer. It’s cautious. It’s slow. But it’s also one of the most thorough systems on the continent.

The Big Question: What’s Next?

The Bank of Namibia isn’t just regulating crypto. It’s also exploring its own digital currency-the retail Central Bank Digital Currency (rCBDC). The goal? Financial inclusion, faster payments, and modernizing the banking system.

That’s important. It means the Bank isn’t trying to kill crypto. It’s trying to control it-and eventually replace it with something it can fully manage.

Right now, Namibia has a dual-track system: regulated private crypto services operating under tight rules, and a parallel effort to build a state-backed digital currency. That’s not a contradiction. It’s strategy.

The message is clear: if you want to use crypto, you can-but only if you play by our rules. If you want to innovate, you can-but only if you do it under our supervision. And if you think you can bypass the system? You’re wrong.

What This Means for You

If you’re a regular user: you can still buy things with Bitcoin if the store accepts it. But don’t expect banks to help you cash out. Don’t assume it’s safe. And don’t think it’s protected by law.

If you’re a business: get ready for a long, expensive process. You need legal counsel, compliance software, local office space, and patience. There’s no shortcut. And if you skip the provisional phase? You’re risking jail time.

If you’re an investor: be careful. The market is small. Liquidity is low. And the rules could change tomorrow. The Bank has shown it’s willing to shut things down fast if things go wrong.

The bottom line: Namibia’s crypto policy isn’t about banning crypto. It’s about controlling it. It’s about making sure that if crypto grows here, it grows on their terms-not yours.

The Bank of Namibia isn’t afraid of technology. It’s afraid of chaos. And right now, it’s betting that slow, strict, and supervised is the only way to avoid it.