Ethiopian Cybersecurity Agency Begins Registration of Crypto Service Providers
The Ethiopian Information Network Security Administration (INSA) has started registration for encryption service providers and their owners across the country. Registration will be open for 10 days, beginning Wednesday, August 24, when the notice was posted.
INSA is an agency in charge of Ethiopian cyberspace security.
The move comes a few months after the The National Bank of Ethiopia reported wide adoption of cryptocurrencies and speculation in crypto transactions, regardless of their illegality.
Earlier this year, lawmakers made changes to the Proclamation to reinstate INSA, which also paves the way for the legal use of digital currencies.
The amendment gives INSA the mandate to “regulate and control crypto products and their transactions” in the country.
The provision added in the proclamation makes the agency a “root certification authority” responsible for implementing the necessary criteria and developing operating procedures. This includes developing and implementing cryptographic infrastructure to monitor crypto transactions.
The agency said in an urgent public notice that “To properly regulate this area in accordance with recently ratified law, INSA has begun registering individuals and entities involved in crypto operations (services), including the transfer and /or mining”.
If individuals or cryptographic entities fail to apply for registration within the allotted time, INSA may request the appropriate body to take the necessary legal action.
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