Tanzania is getting closer to something many African crypto markets have spent years debating: a formal rulebook.

Bank of Tanzania Governor Emmanuel Tutuba says regulations covering cryptocurrencies, stablecoins and other virtual assets are now in their final stages after an extensive review by the central bank. While the final text and implementation timeline have yet to be released.

Digital assets are moving from the sidelines of Tanzania’s financial system into a regulated environment.

That marks a noticeable change in direction. For years, the country’s approach was defined more by caution than engagement.

The central bank repeatedly warned about the risks associated with unregulated cryptocurrencies, leaving banks and most…