After enacting its virtual assets law on Friday, Namibia’s Government is set to designate an authority to supervise the industry.

The Namibia Virtual Assets Act 2023 is designed to assist the South African country in establishing a regulatory body to supervise and regulate virtual asset service providers. The act is intended to protect consumers, stop market abuse and money-laundering among other things. was passed last month by the National Assembly, the first bill in the country to define how crypto should treated.

The law was published in the Gazette of the Republic of Namibia, which means it is now law. Diana Vivo is an associate with the DLA Piper Africa law firm Ellis Shilengudwa Incorporated. She said that it was “not yet effective”.

She told CoinDesk that “[it] will only be effective at a date determined by the Minister for Finance of Namibia”.

Countries around the world are increasing their regulation on crypto-related activities. These include the European Union U.K., and South Korea. South Africa recently opened up a crypto licensing regime.