THE Reserve Bank of Fiji (RBF) has officially outlawed all cryptocurrency and virtual asset-related services in Fiji, warning that anyone involved in such activities could face fines up to $1 million or 14 years in prison.
The new restriction, which came into effect on August 30 this year under an amendment to the Reserve Bank of Fiji Act 1983, specifically targets those engaged in the exchange, transfer, safekeeping, sale, and marketing of virtual assets such as Bitcoin, NFTs, stablecoins, and other digital tokens.
“The Reserve Bank wishes to advise the general public that providing virtual asset services in Fiji is now legally prohibited,” the RBF stated in a statement.
The RBF has made it explicitly illegal for any person or company, whether based in Fiji or overseas, to operate a cryptocurrency exchange, facilitate transfers or conversions of digital tokens, offer digital wallets or safekeeping services, advertise, promote, or market any virtual asset service to
Fiji residents and claim or imply that they off er such services within Fiji.
“This includes any activity that facilitates the use, trading, or promotion of digital currencies or tokens to people in Fiji.”
The RBF warned that this blanket prohibition is now enforceable under Section 22(2) of the amended Act.
“Anyone who purports to operate or promote virtual asset services in Fiji commits an offence.”
A virtual asset is defined as a digital representation of value that may be digitally traded or transferred, and may be used for payment or investment purposes, but does not include a digital representation of fiat currencies, securities and other financial assets that fall under the purview of the RBF Act and the Companies Act 2015.
Virtual assets include but are not limited to cryptocurrencies (like Bitcoin), Non-Fungible Tokens (NFTs) (for digital art), utility tokens (used within an ecosystem), stablecoins (pegged to traditional currency), and security tokens (representing ownership in assets like real estate).
