Fiji’s National Anti-Money Laundering Council (NAML) has officially reinforced its prohibition on virtual asset service providers (VASPs), emphasizing ongoing concerns over financial crime vulnerabilities. The regulatory body asserts that the decentralized and pseudonymous characteristics of digital assets create significant risks for illicit activities, including money laundering and terrorist financing. This decision underscores the government’s commitment to maintaining robust financial oversight and protecting the integrity of its economic system. The council’s stance reflects a cautious approach toward emerging financial technologies, prioritizing national security over potential innovation. Industry observers note that Fiji’s position aligns with several other nations exercising stringent oversight on cryptocurrency operations. The prohibition remains in effect indefinitely, with no current timeline for review or potential policy amendments. The move highlights the ongoing global tension between technological advancement in finance and regulatory efforts to combat financial crimes.
