The National Council of Fiji on combating money laundering (NAML) has confirmed a complete ban on the activities of virtual asset service providers (VASP) — including cryptocurrency exchange for fiat, storage of digital assets, and any transactions involving them.
🔒 Reasons for the ban:
- 📉 High risks of money laundering and terrorist financing
- 🧨 The possibility of using cryptocurrency to finance weapons of mass destruction
- 🕵️ Anonymity and decentralization complicating control
- ⚠️ Lack of infrastructure for reliable regulation
💬 Chairperson Selina Kuruleka stated:
> "The priority is to protect Fiji's financial system and the safety of its people."
📌 Consequences:
- Residents of Fiji are prohibited from purchasing cryptocurrency for fiat
- Violators face a fine of up to 1 million FJD or 14 years in prison
- The central bank previously banned the use of local cards for purchasing crypto assets
⚖️ Context:
Fiji has chosen the path of a complete ban, unlike countries that are implementing regulation. This underscores the global divergence in approaches: from licensing and taxation to complete blocking.
#CryptoBan #FijiRegulation #VASPrestrictions #AML #Write2Earn
