Fiji Maintains Ban on Cryptocurrency Activities Citing AML Risks

Fiji's National Anti-Money Laundering Council has reiterated its prohibition of VIRTUAL Asset Service Providers (VASPs), emphasizing concerns over money laundering and terrorist financing risks associated with digital assets. Council chairperson Selina Kuruleca highlighted cryptocurrencies' anonymous, cross-border nature as particularly vulnerable to criminal exploitation.

The decision aligns with FATF standards but contrasts with global trends toward regulation. Kuruleca acknowledged potential benefits of regulated crypto markets but noted Fiji currently lacks the supervisory infrastructure to manage the sector's complexity without exposing its financial system to vulnerabilities.

"Our priority remains safeguarding Fiji's financial integrity while supporting legitimate economic growth," Kuruleca stated. The Council's stance reflects ongoing tension between innovation and risk mitigation in developing jurisdictions.