Fiji Completely Bans Virtual Asset Service Providers
Date: 2025-09-23 Author: Gabriel Deangelo Categories: IN WORLD
Fiji has imposed a complete ban on companies providing virtual asset services, according to Selina Kuruleka, Chairperson of the National Anti-Money Laundering Council (NAML). The ban applies to all organizations engaged in the exchange of cryptocurrency for fiat, the storage of digital assets, or other types of transactions involving them. Furthermore, citizens are prohibited from purchasing cryptocurrency with the national currency.
According to Kuruleka, the country lacks the capacity to properly regulate the rapidly developing digital asset market. Under these circumstances, she emphasized, a ban is the safest solution to minimize threats to Fiji's financial system and national security.
The regulator's representative recalled that on August 30, the Reserve Bank of Fiji (RBF) officially banned all services related to cryptocurrency and virtual assets. Participation in such transactions now carries serious consequences: a fine of up to 1 million Fiji dollars (FJD) or imprisonment for up to 14 years.
"The Reserve Bank informs the public that the provision of virtual asset services in the country is now prohibited by law. Any attempt to offer or advertise such services is considered an offense," Kuruleka emphasized.
The Reserve Bank has previously drawn attention to the risks associated with using cryptocurrency for payments and savings. The regulator has repeatedly warned investors about the proliferation of dubious schemes and pyramid schemes masquerading as investment projects involving digital assets. The Central Bank also clarified that no individual or company has been licensed to provide residents with access to cryptocurrency products.
Thus, the Fijian authorities have taken a hardline stance on the cryptocurrency sector, opting for a complete ban rather than developing a regulatory framework. This decision is explained both by an attempt to prevent threats to the economy and by a desire to protect citizens from fraudulent schemes in the absence of a robust regulatory framework.
