THELOGICALINDIAN - Ugandas Financial Intelligence Authority FIA says it wants the countrys Finance Ministry to advice codify a authoritative framework for crypto account providers According to the FIA this alarm for the governments action has prompted by the Ugandan crypto industrys abortion to accede with an beforehand appeal for industry players to annals
Terrorism Concerns
Furthermore, in a contempo report—which quotes Sydney Asubo the FIA controlling director—the banking intelligence anatomy explains why it wants the Ugandan government’s captivation in crafting the regulation. The address states:
In December 2020, the FIA appear a letter absolute an alteration to the Anti-Money Laundering Act which classed Virtual Asset Account Providers (VASP) “as answerable persons.” This, therefore, meant entities like cryptocurrency exchanges or added crypto asset account providers were “now accountable to the administration and ecology by the FIA.”
Protecting Ugandans From Crypto Scams
Still, admitting this alteration calling VASP to annals by December 27, 2024, alone a few accept responded. According to the FIA, this non-compliance banned its adeptness “to assure users and the beyond economy.”
Meanwhile, the address additionally explains how the admeasurement of “pyramid and cryptocurrency companies that action out-of-the-world allotment on investment” has shaped how FIA angle the crypto industry.
Many Ugandan citizens have, aloof like abounding others beyond Africa, been victims of crypto scams. The FIA believes it can action as able-bodied as abate the cardinal of crypto scammers if crypto account providers are placed beneath its supervision.
Do you accede that adjustment will end or abate the cardinal of crypto scams in Uganda? Tell us what you anticipate in the comments area below.
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