Ethiopia Moves to Regulate Crypto Despite Existing Ban
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Ethiopia's Financial Intelligence Service (FIS) is laying the groundwork for VIRTUAL currency regulation, even as cryptocurrencies remain illegal under current law. Director Muluken Amare revealed the initiative during a regional anti-money laundering meeting in Addis Ababa, highlighting coordinated efforts with UN, Russian, and ESAAMLG partners to combat financial crimes.
The training program focuses on detecting crypto-enabled illicit activities, from tax evasion to terrorist financing. Muluken Yirga of ESAAMLG noted terrorist groups increasingly exploit digital assets to circumvent traditional financial tracking—a key driver for Ethiopia's proactive stance despite the ban.
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