The Angolan National Assembly recently approved legislation that seeks to address crypto mining’s impact on the environment as well as safeguarding the country’s “monetary sovereignty.” The objective of this legislation is to also curb illicit activities by preventing bad actors from using cryptocurrencies to launder money.
Legislation Initiated by President Joao Lourenco
The Angolan National Assembly recently unanimously approved a groundbreaking law that addresses cryptocurrency mining and virtual currency within the country. The legislation aims to safeguard the sovereignty of Angola’s monetary policy. Otoniel Dos Santos, the country’s Secretary of State for Finance and Treasury, emphasized that the passage of this law was also necessitated by crypto mining’s impact on the environment and the country’s energy security.
According to a report by Ver Angola, the law, which was initiated by Angolan President Joao Lourenco, received 167 votes in favor and had zero nay votes or abstentions. The objective of this legislation is to also curb illicit activities by preventing bad actors from using crypto assets to launder money.
In a speech before the National Assembly in which he made the argument for the law’s passage, Dos Santos said:
The instrument also proposes to prevent, in general, and special way, within the framework of criminal policy, conduct that jeopardizes national monetary sovereignty and also protects the energy and the environmental system, thus allowing this reality not to impact the energy and environmental security of our country.
Furthermore, since crypto assets fall outside the regulatory scope of the National Bank of Angola, this law ensures that Angolan citizens have the legal means to seek redress in case of disputes related to digital currencies.
As per the Ver Angola report, the law, which is set to be discussed further, has five chapters covering issues ranging from crypto mining and the circulation of virtual assets to provisions of the law that pertain to crimes against the environment and financial system.
What are your thoughts on this story? Let us know what you think in the comments section below.
