Ethiopia Information Network Security Administration (INSA) has commenced registration for crypto service providers and their owners across the country. The registration will be open for 10 days, starting from Wednesday 24th August when the notice was issued.
INSA is an agency in charge of Ethiopia’s cyberspace security.
The move came a few months after the National Bank of Ethiopia reported wide adoption of cryptocurrencies and speculation in crypto transactions, irrespective of their illegality.
Earlier this year, lawmakers made amendments in the Proclamation to re-establish the INSA, which also paves the way for the legal use of digital currencies.
The amendment empowers INSA with the mandate to “regulate and control cryptographic products and their transactions” in the country.
The provision added in the Proclamation made the agency a “Root Certificate Authority” to implement necessary criteria and develop operating procedures. It includes developing and implementing cryptographic infrastructure to monitor crypto transactions.
The agency stated in an urgent public notice that “To properly regulate this field as per the newly ratified law, INSA has begun to register individuals and entities that are involved in crypto operations (services) including transfer and or mining”.
If any individuals or crypto entities fail to apply for registration in the given time frame then INSA could request the appropriate body to take necessary legal measures.
