Fiji and Cryptocurrency

Fiji Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology

Fiji has not currently enacted regulations or legislation specifically regulating digital currency yet. Thus, the legal status of cryptocurrency in Fiji is controversial based on Fiji’s cryptocurrency regulation report. The crypto-related activity in this country has a 2.5/10 safety rank, the main ranking factor for Madagascar is that 1 ICOs have forbidden Fiji dwellers to take part in their crowdfunding venture. Also, Countoby’s analysis tool has ranked Fiji in the position 132 out of 249 countries in terms of cryptocurrency safety. [1]

Digital Currency – Blockchains

In 2021, possible scams involving unregulated cryptocurrency trading and illegal pyramid selling schemes have been reported to the Financial Intelligence Unit (FIU). Under section 87A of the Fijian Competition and Consumer Commission (FCCC) Act 2010, it is an offense for a person to be a promoter or operator of a pyramid selling scheme. The FCCC warns members of the public to exercise extreme caution and not engage in any cryptocurrency trade or MLM/pyramid selling schemes. [2] [1] Cryptocurrency Analysis, “Ultimate crypto investment safety rankings”, (Jun. 2, 2021), https://cointobuy.io/countries/north-korea

[2] Fiji Financial Intelligence Unit, Press Release 2/2021, (Feb. 25, 2021), https://www.fijifiu.gov.fj/getattachment/e899b3d0-d325-4ada-a305-8be54d28826e/Press-Release-02-2021-Cryptocurrency-Trading-Illeg.aspx

P.S. Insights on Cryptocurrency Legal Issues

Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.

Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.

However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.

Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency.  The globe below provides links to country-by-country summaries:

Podcast:
The Freeman Law Project – Cryptocurrency Regulation and Taxation: A Brief Primer

Is cryptocurrency legal in Fiji?

Do you have questions about cryptocurrency, digital currencies, or blockchain technology?
Freeman Law can help with digital currencies, tax planning, and tax compliance.  Contact us now to schedule a consultation or call (214) 984-3410 to discuss your cryptocurrency and blockchain technology concerns.

 

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