PANews reported on September 24th that, according to Crowdfund Insider , Fiji's National Anti-Money Laundering Council ( NAMLC ) has once again explicitly banned virtual asset service providers ( VASPs ) from operating in the country, citing the vulnerability of cryptocurrencies to money laundering, terrorist financing, and proliferation financing. NAMLC stated that the anonymity and cross-border nature of digital assets increase the risk of criminal exploitation. While Fiji's move aligns with the Financial Action Task Force ( FATF )'s international standards, it opted for a blanket ban rather than regulation. The council stated that Fiji currently lacks effective regulatory capacity and will reassess relevant policies based on technological and regulatory developments.PANews reported on September 24th that, according to Crowdfund Insider , Fiji's National Anti-Money Laundering Council ( NAMLC ) has once again explicitly banned virtual asset service providers ( VASPs ) from operating in the country, citing the vulnerability of cryptocurrencies to money laundering, terrorist financing, and proliferation financing. NAMLC stated that the anonymity and cross-border nature of digital assets increase the risk of criminal exploitation. While Fiji's move aligns with the Financial Action Task Force ( FATF )'s international standards, it opted for a blanket ban rather than regulation. The council stated that Fiji currently lacks effective regulatory capacity and will reassess relevant policies based on technological and regulatory developments.
Fiji reiterates ban on crypto services, emphasizing financial and security risks
PANews reported on September 24th that, according to Crowdfund Insider , Fiji's National Anti-Money Laundering Council ( NAMLC ) has once again explicitly banned virtual asset service providers ( VASPs ) from operating in the country, citing the vulnerability of cryptocurrencies to money laundering, terrorist financing, and proliferation financing. NAMLC stated that the anonymity and cross-border nature of digital assets increase the risk of criminal exploitation. While Fiji's move aligns with the Financial Action Task Force ( FATF )'s international standards, it opted for a blanket ban rather than regulation. The council stated that Fiji currently lacks effective regulatory capacity and will reassess relevant policies based on technological and regulatory developments.
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