According to ChainCatcher, Fiji's National Anti-Money Laundering Committee (NAMLC) has reaffirmed a comprehensive ban on virtual asset service providers (VASPs), citing significant risks in money laundering, terrorist financing, and proliferation financing. The NAMLC stated that the anonymity and cross-border nature of cryptocurrencies make them highly susceptible to criminal exploitation, with extremist groups increasingly relying on crypto tokens for fundraising. The committee emphasized that Fiji lacks sufficient regulatory and enforcement capabilities, and premature regulation could expose the financial system to risks. The policy aligns with FATF standards but opts for a 'ban' rather than 'regulation.' NAMLC Chair and Secretary of the Ministry of Justice Selina Kuruleca stressed that the committee's priority is to protect Fiji's financial system and national security, with a future reassessment pending the development of regulatory and technical frameworks.
Fiji Reaffirms Ban on Crypto Service Providers Over Money Laundering and Security Risks
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