Fiji reiterates prohibition on VASPs, cites security and financial integrity concerns
The post Fiji reiterates prohibition on VASPs, cites security and financial integrity concerns appeared on BitcoinEthereumNews.com. The National Anti-Money Laundering Council of Fiji has once again reaffirmed the prohibition on Virtual Asset Service Providers (VASPs). In its statement, the body cited several reasons, highlighting serious national security and financial integrity concerns as the major reasons. In its statement, the Council mentioned that virtual assets like cryptocurrencies pose huge risks of money laundering, terrorist financing, and proliferation financing due to the anonymous and decentralized nature of the assets. “Cryptocurrencies enable rapid, cross-border transactions that are difficult to trace, making them attractive to criminal networks and extremist groups,” the Council chairperson, Selina Kuruleca, said. Fiji remains adamant on the prohibition of VASPs According to Kuruleca, the stance of Fiji concerning digital assets is based more on the risks attached to them and is in line with international standards set by the Financial Action Task Force (FATF). She mentioned that while most countries have opted to regulate their crypto space, the current enforcement and supervision capabilities in Fiji do not yet support safe oversight of a sector she describes as “complex.” “The Council’s priority remains the protection of Fiji’s financial system and the safety of its people, while promoting a secure and transparent environment that supports legitimate investment and economic growth,” Kuruleca said. The Council added that even though the regulation of virtual assets could offer benefits, regulation without the needed infrastructure will expose the country to serious vulnerabilities. The National Anti-Money Laundering Council is responsible for coordinating efforts against money laundering and financial crimes. It assembles top-level representatives from several industries, including the Reserve Bank of Fiji, the Office of the Director of Public Prosecutions, the Fiji Police Force, Customs Services, the Financial Intelligence Unit, and Fiji Revenue. The prohibition on VASPs in Fiji will remain in place until the country strengthens its regulatory and technological capacity. Crypto-related…
The post Fiji reiterates prohibition on VASPs, cites security and financial integrity concerns appeared on BitcoinEthereumNews.com.
The National Anti-Money Laundering Council of Fiji has once again reaffirmed the prohibition on Virtual Asset Service Providers (VASPs). In its statement, the body cited several reasons, highlighting serious national security and financial integrity concerns as the major reasons. In its statement, the Council mentioned that virtual assets like cryptocurrencies pose huge risks of money laundering, terrorist financing, and proliferation financing due to the anonymous and decentralized nature of the assets. “Cryptocurrencies enable rapid, cross-border transactions that are difficult to trace, making them attractive to criminal networks and extremist groups,” the Council chairperson, Selina Kuruleca, said. Fiji remains adamant on the prohibition of VASPs According to Kuruleca, the stance of Fiji concerning digital assets is based more on the risks attached to them and is in line with international standards set by the Financial Action Task Force (FATF). She mentioned that while most countries have opted to regulate their crypto space, the current enforcement and supervision capabilities in Fiji do not yet support safe oversight of a sector she describes as “complex.” “The Council’s priority remains the protection of Fiji’s financial system and the safety of its people, while promoting a secure and transparent environment that supports legitimate investment and economic growth,” Kuruleca said. The Council added that even though the regulation of virtual assets could offer benefits, regulation without the needed infrastructure will expose the country to serious vulnerabilities. The National Anti-Money Laundering Council is responsible for coordinating efforts against money laundering and financial crimes. It assembles top-level representatives from several industries, including the Reserve Bank of Fiji, the Office of the Director of Public Prosecutions, the Fiji Police Force, Customs Services, the Financial Intelligence Unit, and Fiji Revenue. The prohibition on VASPs in Fiji will remain in place until the country strengthens its regulatory and technological capacity. Crypto-related…
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