Fiji’s NAML Maintains Ban on Virtual Asset Services Due to Crime Risks
- The Fiji National Anti-Money Laundering Council (NAML) has reaffirmed its ban on Virtual Asset Service Providers (VASPs).
- The decision is based on concerns about the decentralized and anonymous nature of virtual assets.
- NAML argues that these characteristics make virtual assets vulnerable to criminal misuse.
Fiji’s NAML has decided to uphold its prohibition on VASPs, citing security risks associated with the anonymity and decentralization of virtual assets, which they believe could facilitate financial crimes.
By maintaining this ban, NAML aims to mitigate potential misuse in financial crimes linked to the inherent characteristics of virtual assets, emphasizing their concern over security risks. (Source)
