Is crypto legal in Botswana? Regulation & rules (2026)

The Virtual Assets Act, 2022 and its Regulations commenced on 25 February 2022, regulating the sale and trade of virtual assets and the licensing of VASPs and issuers of initial token offerings. It applies to anyone carrying on virtual-asset business in or from Botswana regardless of physical location.

NBFIRA (established under the NBFIRA Act, 2006) licenses, supervises and regulates VASPs and token issuers. A Virtual Asset Business (VAB) licence is required to provide virtual-asset services on behalf of others as a business.

Pre-existing operators had until 31 May 2022 to apply; those who did not are operating illegally. Operating unlicensed carries fines up to P250,000 and/or imprisonment up to five years.

NBFIRA issued Botswana's first VASP licence to Yellow Card Botswana (Pty) Ltd on 29 September 2022 under Section 11 of the Act — the first such licence on the continent.

VASPs are accountable institutions under the Financial Intelligence Act No. 13 of 2012 and must register with the Financial Intelligence Agency. The law explicitly targets ML/TF and proliferation-financing risks of virtual assets.

The Bank of Botswana does not recognize virtual assets as currency or legal tender and has warned of volatility/fraud risks. In late 2024 it assessed domestic crypto risks to financial stability as minimal while urging continued regulation.