The Financial Intelligence Authority (FIA) in Uganda has asked the finance ministry to devise a framework to regulate cryptocurrency operations.

Last year the anti-money laundering watchdog gave cryptocurrency operators a month to register but only a few responded, FIA director Sydney Asubo said at meeting with non-profit organisations and non-government organisations (NGOs) in Kampala. 

As the majority of cryptocurrency businesses continue to operate illegally, that makes it difficult to regulate their activities, he added.

There is a need to know the people and organisations which operate virtual asset companies to protect users and the larger economy, Asubo argued.

People have been cheated by cryptocurrency and pyramid-scheme companies which claim to offer out-of-the-world returns on investment, Uganda’s Daily Monitor newspaper reported. 

For more information on cryptocurrency, register now to FinCrime World Forum for a chance to hear industry leaders discuss Virtual Assets in the FinCrime Mainsteam.

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  • The Real Ingredients of Virtual Compliance ‘Baking-in’ FinCrime good practice from the start - 2pm on 22 June
  • Crypto 2.0 – New ways of performing old tricks? Exploring Crypto Typologies with Nick Furneaux - 2:50pm on 22 June
  • Off the Crypto Rollercoaster Are stable coins and centralised digital currencies ‘safe’ alternatives? - 3:50pm on 22 June

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