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Bill passed to regulate crypto and digital assets in Namibia

Namibia has joined other African nations in embracing cryptocurrencies and digital assets by approving a bill in the National Assembly. The bill, which passed Namibia’s lower house of parliament on June 22, aims to regulate digital assets, cryptocurrencies and virtual asset service providers in the country.

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Namibia has joined other African nations in embracing cryptocurrencies and digital assets by approving a bill in the National Assembly. The bill, which passed Namibia’s lower house of parliament on June 22, aims to regulate digital assets, cryptocurrencies and virtual asset service providers in the country.

The legislation aims to establish a framework for licensing and regulating VASPs. It also seeks to appoint a regulatory authority responsible for supervising these providers and their activities.

The main objectives include ensuring consumer protection, preventing market abuse, and mitigating the risks of money laundering, the financing of terrorism and proliferation activities associated with digital asset markets. The law also covers incidental matters related to these objectives.

According to local media reports, the bill is now awaiting official publication before coming into effect. Iipumbu Shiimi, Namibia’s Minister of Finance and Public Enterprises, reportedly mentioned the establishment of a regulatory body to supervise and grant licenses to VASPs in the country.

Noncompliant providers could reportedly face penalties of up to 10 million Namibian dollars ($671,572) and a 10-year prison term. However, the Bank of Namibia maintains its position that cryptocurrencies do not hold legal tender status in the country.

The Bank of Namibia’s director of strategic communications and international relations, stated the bank’s position, indicating that once the associated risks of innovations like virtual assets are better managed, the bank will assess and make a decision regarding their acceptance within the financial system.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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