Cryptocurrency service providers operating in Ethiopia are now required to register with the country’s cybersecurity agency known as the Information Network Security Administration (INSA), a report has said. According to the agency, legal measures will be applied to crypto entities that fail to comply with its registration call.
INSA Tasked With Developing Operating Procedures
The Ethiopian cybersecurity agency, the Information Network Security Administration (INSA), has reportedly started registering crypto service providers operating in the country. The agency’s registration of crypto entities was made possible by the amendment of a law that paved the way for the re-establishment of the INSA.
According to a report published by the Ethiopian Monitor, the amended law gives the cybersecurity agency the power to oversee cryptographic products and related transactions. In addition, as the designated “Root Certificate Authority,” the INSA is tasked with developing operating procedures as well as the cryptographic infrastructure.
Meanwhile, reports of the cybersecurity agency’s decision to register crypto entities are coming a few months after the country’s central bank, the National Bank of Ethiopia (NBE) warned residents against using cryptocurrencies. As reported by Bitcoin.com News in June, the NBE did not only warn against using cryptocurrencies to make payments but it is also encouraged to report such transactions.
INSA to Take Action Against Unregistered Crypto Service Providers
However, despite the NBE’s hostile stance towards cryptocurrencies, the INSA is quoted in the Ethiopian Monitor advising crypto service providers operating in the country to heed its registration call. The agency said:
There is interest among individuals and entities in providing crypto services including mining and transfer. [Therefore] to properly regulate this field, INSA has begun to register individuals and entities that are involved in crypto operations (services) including transfer and or mining.
According to the report, crypto service providers have been granted a ten-day period in which they must complete the registration process. The INSA said necessary “legal measures” will be taken against entities that fail to comply.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.