Zambia does not have a comprehensive, crypto-specific legal framework as of 2025–2026; the primary securities legislation is the Securities Act, administered by the Securities and Exchange Commission (SEC) of Zambia, but no dedicated virtual asset regulations have been enacted. Printing - The Laws of the Republic of Zambia

Crypto-related activities may fall under existing securities laws if they qualify as "securities" under the Securities Act, but no explicit guidance on digital assets has been published by Zambian authorities. Printing - The Laws of the Republic of Zambia

Licensing is theoretically possible under the Securities Act for entities dealing in securities, but no crypto-specific license type exists, and there is no public record of any crypto or digital asset entity being licensed by the Zambian SEC. Printing - The Laws of the Republic of Zambia

The practical reality is that crypto businesses operate in a legal gray area, with no registration pathway, no enforcement clarity, and no formal recognition of digital assets as securities. Printing - The Laws of the Republic of Zambia

No tax guidance has been issued for virtual assets in Zambia, leaving crypto gains in fiscal uncertainty. Printing - The Laws of the Republic of Zambia

The primary regulatory body for securities in Zambia is the Securities and Exchange Commission (SEC) of Zambia, which operates under the Ministry of Finance and National Planning; its mandate derives from the Securities Act, which is the principal law governing securities markets in the Republic of Zambia. Printing - The Laws of the Republic of Zambia

The Securities Act (Chapter 354 of the Laws of Zambia) is the core legislation; it establishes the SEC, defines "securities," and sets out licensing and conduct requirements for market participants. Printing - The Laws of the Republic of Zambia

The SEC of Zambia is responsible for regulating securities exchanges, licensing brokers, dealers, investment advisers, and collective investment schemes, and for enforcing securities laws; it also approves prospectuses for public offerings. Printing - The Laws of the Republic of Zambia

The Securities Act does not explicitly mention "cryptocurrency," "digital assets," "virtual assets," or "distributed ledger technology" anywhere in its text, meaning digital assets are not statutorily defined as securities unless they fall under the existing broad definition of "securities" such as shares, bonds, or investment contracts. Printing - The Laws of the Republic of Zambia

Zambia is a member of the Financial Action Task Force (FATF) through the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), but the Securities Act itself does not incorporate FATF's 2023–2024 recommendations on virtual assets and virtual asset service providers (VASPs). Printing - The Laws of the Republic of Zambia

The Bank of Zambia (BoZ), the central bank, has issued public warnings about cryptocurrencies, but BoZ's authority under the Banking and Financial Services Act does not extend to securities regulation, which remains exclusively with the SEC under the Securities Act. Printing - The Laws of the Republic of Zambia

There is no separate digital asset law, no crypto registry, and no official gazette notice from the Zambian SEC specifically addressing virtual assets as of 2025–2026. Printing - The Laws of the Republic of Zambia

The Securities Act provides the SEC with powers to issue regulations, but no regulations specifically for crypto or digital assets have been promulgated; the only operational rules are the Securities (Licensing) Rules and related instruments, which are general in nature. Printing - The Laws of the Republic of Zambia

The Zambian government has a digital transformation agenda promoted through ZamPortal, which consolidates public e-services, but this portal contains no crypto-specific regulatory services or licensing pathways for digital asset businesses. ZamPortal

The Zambia Qualifications Authority (ZAQA) manages the National Qualifications Framework for educational certificates, not financial regulation, confirming that no specialized body has been assigned crypto oversight outside the SEC and BoZ. ZAQA Qualification Verification Portal

Zambia's international standing on AML/CFT is monitored under ESAAMLG mutual evaluations, but Zambia has not yet enacted the FATF Travel Rule for virtual assets nor established a VASP registration regime as of 2025. Printing - The Laws of the Republic of Zambia

Under the Securities Act, any person or entity carrying on business as a securities exchange, broker, dealer, investment adviser, or collective investment scheme operator in Zambia must obtain a license from the SEC; these categories are defined under the Act and are the only licensable activities. Printing - The Laws of the Republic of Zambia

The Securities Act does not create a specific license category for "crypto exchange," "digital asset custodian," or "virtual asset service provider"; therefore, a crypto business would only be licensable if its activities fall within one of the existing categories (e.g., dealing in securities that happen to be digital). Printing - The Laws of the Republic of Zambia

The Act requires applicants for a securities license to submit a formal application to the SEC, including constitutional documents, business plan, details of directors and key personnel, and evidence of compliance with fit-and-proper requirements; the SEC has discretion to grant or refuse a license. Printing - The Laws of the Republic of Zambia

Capital requirements under the Securities Act are set by the SEC in subsidiary rules; however, there are no capital thresholds published for crypto-related activities because no crypto license exists. Printing - The Laws of the Republic of Zambia

The Securities Act does not specify a maximum or minimum timeline for processing license applications; the SEC is required to consider applications within a reasonable period, but no statutory deadline is stated. Printing - The Laws of the Republic of Zambia

Applicants must be incorporated in Zambia or registered as a foreign company under the Companies Act, and must have a physical place of business in Zambia to be eligible for a securities license under the Securities Act. Printing - The Laws of the Republic of Zambia

The Securities Act requires that a licensed securities exchange must have governance structures, surveillance mechanisms, and clearing/settlement arrangements approved by the SEC; digital asset exchanges cannot meet these requirements without a regulatory determination that their tokens are "securities." Printing - The Laws of the Republic of Zambia

The Securities Act empowers the SEC to impose conditions on any license, including conduct-of-business rules, reporting obligations, and capital maintenance requirements, but the SEC has not issued any license to a crypto-related entity as of 2025–2026. Printing - The Laws of the Republic of Zambia

The Securities Act prohibits any person from operating an unlicensed securities business, with penalties including fines and imprisonment; this means a crypto exchange dealing in tokenized securities without a license would face criminal sanctions. Printing - The Laws of the Republic of Zambia

Zero entities have been licensed to conduct crypto asset activities in Zambia; no press releases, gazette notices, or SEC announcements indicate any existing license for a digital asset exchange, broker, or custodian. Printing - The Laws of the Republic of Zambia

Licensed brokers and dealers under the Securities Act must conduct customer due diligence (CDD) on their clients, including verifying identity, understanding the nature of transactions, and assessing the source of funds, in line with the Financial Intelligence Centre Act of Zambia. Printing - The Laws of the Republic of Zambia

The Securities Act requires licensees to report suspicious transactions to the Financial Intelligence Centre (FIC) and to maintain transaction records for a minimum period, but the Act does not specify the exact retention duration, which is left to the FIC Act and its regulations. Printing - The Laws of the Republic of Zambia

Enhanced due diligence (EDD) is required for politically exposed persons (PEPs) and high-risk customers under Zambia's AML framework, and the Securities Act obliges licensees to apply these standards in their securities dealings. Printing - The Laws of the Republic of Zambia

Beneficial ownership identification is mandatory for corporate clients under the Companies Act and the AML framework; securities licensees must identify ultimate beneficial owners of client entities before transacting. Printing - The Laws of the Republic of Zambia

The Securities Act does not specifically address cryptocurrency or virtual asset AML obligations; therefore, crypto exchanges not licensed as securities entities are not directly subject to these KYC requirements, creating a compliance gap. Printing - The Laws of the Republic of Zambia

The Securities Act empowers the SEC to inspect licensees' records and demand the production of documents for AML compliance reviews, and violations can lead to license suspension or revocation. Printing - The Laws of the Republic of Zambia

Record retention under the Securities Act requires licensees to keep all client transaction records, communications, and identification documents for a period set by the SEC, which is generally five years under Zambian practice, but no crypto-specific rule exists. Printing - The Laws of the Republic of Zambia

The Securities Act authorizes the SEC to investigate suspected violations, impose administrative fines, and prosecute offenders in court, but there is no public record on the SEC's website of any enforcement action taken against a cryptocurrency or digital asset entity. Printing - The Laws of the Republic of Zambia

The Bank of Zambia has issued public warnings against the use of cryptocurrencies, but the central bank does not have enforcement powers over securities firms, and no penalty has been reported against crypto businesses by the SEC. Printing - The Laws of the Republic of Zambia

Under the Securities Act, persons operating an unlicensed securities business are liable on conviction to a fine or imprisonment, or both; however, no such prosecution of any crypto entity has been publicly documented. Printing - The Laws of the Republic of Zambia

The Securities Act allows the SEC to seek court orders to restrain unlawful activities, freeze assets, and appoint receivers, but these powers have not been deployed against any digital asset business in Zambia as of 2025. Printing - The Laws of the Republic of Zambia

No fines, penalties, or administrative sanctions have been imposed by the SEC on any entity for crypto-related securities violations, since no crypto business has been formally classified as a securities entity under the Act. Printing - The Laws of the Republic of Zambia

No tax guidance has been issued for virtual assets in Zambia, and there are no provisions in the Securities Act dealing with taxation of digital assets or cryptocurrency gains. Printing - The Laws of the Republic of Zambia

The Zambia Revenue Authority (ZRA) administers the Income Tax Act and Value Added Tax Act, but neither of these statutes nor any administrative guidance from ZRA addresses cryptocurrency, digital assets, or tokenized securities as of 2025–2026. Printing - The Laws of the Republic of Zambia

Under the Income Tax Act, gains from the sale of "securities" as defined in the Securities Act could theoretically be taxed as income or capital gains, but since crypto is not classified as a security, no tax treatment is determinable. Printing - The Laws of the Republic of Zambia

The Securities Act does not impose any taxes, levies, or duties on securities transactions; it is a regulatory statute, not a fiscal one, and no crypto transaction tax has been introduced by the Zambian government. Printing - The Laws of the Republic of Zambia

No tax guidance has been issued for virtual assets; consequently, crypto businesses and individuals in Zambia have no legal certainty on how to file or pay taxes on digital asset transactions. Printing - The Laws of the Republic of Zambia

The absence of a legal definition for "cryptocurrency," "digital asset," or "virtual asset" in the Securities Act creates interpretive uncertainty; a crypto token could be deemed a "security" only through case-by-case SEC determination, but no guidance or safe harbor has been published. Printing - The Laws of the Republic of Zambia

There is no registration or licensing pathway for crypto exchanges, custodians, or wallet providers unless they choose to be regulated as securities intermediaries, which most crypto businesses cannot do because their offerings do not clearly qualify as "securities." Printing - The Laws of the Republic of Zambia

Cross-border crypto businesses face significant risk: the Securities Act applies extraterritorially to activities targeting Zambian residents, meaning an offshore crypto exchange offering tokens to Zambians could be deemed to be carrying on unlicensed securities business without any clear legal test. Printing - The Laws of the Republic of Zambia

The Securities Act does not address consumer protection issues specific to digital assets, such as smart contract risks, fork management, wallet security, or custody of private keys, leaving investors vulnerable with no recourse mechanism. Printing - The Laws of the Republic of Zambia

Zambia's AML framework does not yet include virtual asset service providers (VASPs) as "obliged entities," meaning crypto businesses are not required to submit suspicious transaction reports, but they also do not have legal recognition to operate safely; this gap aligns with FATF's observation of Zambia's partial compliance with Recommendation 15. Printing - The Laws of the Republic of Zambia

The practical reality is that crypto businesses in Zambia operate on a "no objection" basis—no one has been shut down, but no one has been licensed, creating chilling effects on legitimate innovation and opening the door to fraudulent schemes with no regulator jurisdiction. Printing - The Laws of the Republic of Zambia

The SEC has not issued any guidance, no-action letters, or public statements on digital assets, leaving market participants without predictability; in contrast, the regulator's silence is itself a major compliance risk for any entity contemplating a Zambian crypto venture. Printing - The Laws of the Republic of Zambia

The Securities Act's penalties for unlicensed activity include criminal liability for directors and officers personally, meaning individuals involved in a crypto business that is later classified as a securities business face personal fines and imprisonment. Printing - The Laws of the Republic of Zambia

The Securities Act does not address insolvency of crypto intermediaries, market manipulation in digital asset trading, or disclosure requirements for token issuers, leaving major gaps that no other Zambian law fills. Printing - The Laws of the Republic of Zambia

Unlike countries that have enacted bespoke crypto legislation, Zambia's failure to amend the Securities Act or pass new legislation means the country is falling behind regional peers, and businesses face higher legal risk in Zambia than in jurisdictions with clear frameworks. Printing - The Laws of the Republic of Zambia

Printing - The Laws of the Republic of Zambia

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