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), according to a report. According to the agency, legal measures will be applied to crypto entities that do not comply with its call for registration.
INSA responsible for developing operating methods
Ethiopia’s cybersecurity agency, the Information Network Security Administration (INSA), has reportedly started registering crypto service providers operating in the country. The agency’s registration of cryptographic entities was made possible by a change in a law that paved the way for the reinstatement of INSA.
According to a report published by the Ethiopian Monitor, the amended law gives the cybersecurity agency the power to oversee crypto products and related transactions. In addition, as the designated “root certification authority”, INSA is responsible for developing the operating procedures as well as the cryptographic infrastructure.
Meanwhile, reports of the cybersecurity agency’s decision to register crypto entities come months after the country’s central bank, the National Bank of Ethiopia (NBE), warned residents against use of cryptocurrencies. As Bitcoin.com News reported in June, the NBE has not only warned against using cryptocurrencies to make payments, but is also encouraged to report such transactions.
INSA Set to Take Action Against Unregistered CSPs
However, despite the NBE’s hostile stance towards cryptocurrencies, INSA is quoted in the Ethiopian Monitor advising crypto service providers operating in the country to heed its call for registration. The agency said:
There is interest among individuals and entities in providing crypto services, including mining and transfer. [Therefore] In order to properly regulate this area, INSA has started registering persons and entities involved in crypto operations (services), including transfer and/or mining.
According to the report, crypto service providers have been given ten days within which to complete the registration process. INSA said necessary “legal action” will be taken against entities that fail to comply.
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