Fiji, an archipelago country located in the South Pacific Ocean, is globally known as one of the key tourist destinations due to its stunning pristine beaches, vibrant coral reefs and lush landscapes.
However, the country might lose its appeal for crypto's nouveau riche.
According to a local media report, the National Anti-Money Laundering Council has reaffirmed a blanket ban on virtual asset service providers (VASPs), citing concerns related to financial stability and national security.
This comes after the Reserve Bank of Fiji (RBF) recently banned VASPs in the country, meaning that crypto exchanges, transfers and custody services related to crypto will be prohibited.
Fiji residents are also not allowed to purchase cryptocurrency with local funds.
Crypto regulation across Oceania
Vanuatu, which is known for its volcanic mountains and coral reefs, recently implemented a licensing regime for cryptocurrency companies. New stringent rules are meant to protect the small island nation from unscrupulous actors. Nauru, an oval-shaped coral island, also introduced a regulatory framework earlier this year.
In the meantime, the Marshall Islands introduced its own digital currency back in 2018 to reduce dependence on the U.S. dollar, which was viewed as a trailblazing move at that time.
Crypto remains unregulated in Papua New Guinea (PNG) and Samoa.
Meanwhile, Australia and New Zealand, the most powerful countries in Oceania by a large margin, are steadily moving toward comprehensive crypto regulation.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team