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.
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