As per HashNews, Tonga's National Anti-Money Laundering Committee (NAMLC) has reaffirmed a ban on virtual asset service providers (VASPs) in the country, citing risks of money laundering, terrorist financing, and proliferation financing. The NAMLC stated that the anonymity and cross-border nature of digital assets increase the risk of criminal abuse. The move aligns with FATF international standards but opts for a full ban rather than regulation. The committee noted that Tonga currently lacks the capacity for effective regulation and will reassess policies based on technological and regulatory developments.
Tonga Reiterates Ban on Crypto Services, Citing Financial and Security Risks
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