The National Anti-Money Laundering Council of Fiji has reaffirmed the country’s prohibition on Virtual Asset Service Providers (VASPs), citing serious national security and financial integrity concerns.
In a statement, the Council stated that virtual assets such as cryptocurrencies pose significant risks of money laundering, terrorist financing, and proliferation financing due to their anonymous and decentralized nature.
“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.
She said Fiji’s stance is based on a risk-based approach aligned with international standards such as those from the Financial Action Task Force (FATF).
She emphasised that while other countries have opted for regulated frameworks, Fiji’s current enforcement and supervision capabilities do not yet support safe oversight of this complex sector.
“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,” Ms Kuruleca said.
The Council acknowledged that regulated use of virtual assets could offer benefits, but warned that regulation without robust infrastructure would expose Fiji to serious vulnerabilities.
The National Anti-Money Laundering Council is responsible for coordinating efforts to combat money laundering and financial crimes.
It includes top-level representatives from the Reserve Bank of Fiji, the Office of the Director of Public Prosecutions, the Fiji Police Force, Fiji Revenue and Customs Service, and the Financial Intelligence Unit.
Fiji’s prohibition on VASPs will remain in place until the country strengthens its regulatory and technological capacity.
