Fiji enforces strict ban on cryptocurrency services

Residents in Fiji cannot buy or trade crypto using local funds under the latest regulatory restrictions.

Fiji has reaffirmed its ban on cryptocurrency exchanges and services, citing national security and financial stability concerns.

Fiji, renowned for its pristine beaches and coral reefs, may lose its appeal for cryptocurrency investors after authorities reaffirmed a ban on virtual asset service providers. The National Anti-Money Laundering Council cited financial stability and national security concerns in maintaining the restriction.

The Reserve Bank of Fiji has prohibited crypto exchanges, transfers, and custody services, while residents are barred from purchasing cryptocurrency using local funds. The move reinforces the country’s strict stance on digital assets and limits crypto activity within its borders.

Across Oceania, regulatory approaches vary widely. Vanuatu and Nauru now licence crypto companies, while the Marshall Islands launched its own digital currency in 2018. In contrast, Papua New Guinea and Samoa still lack formal crypto regulations.

Australia and New Zealand, the region’s largest economies, are steadily developing comprehensive frameworks to govern digital assets, signalling a more structured approach to cryptocurrency regulation in Oceania.

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