Ethiopia Prepares to Regulate Crypto, Even as Official Ban Stays Put
- Ethiopia maintains a crypto ban but is developing systems to regulate the sector.
- Financial experts are receiving international training to monitor illegal transactions.
- Officials emphasize crypto’s growing use in terrorism, fraud, and money laundering.
Ethiopia is laying the groundwork for cryptocurrency regulation, despite maintaining an official ban on cryptocurrency trading. The country’s Financial Intelligence Service confirmed the move during a regional anti-money laundering conference in Addis Ababa.
Training and Capacity Building Underway
According to a report from The Reporter, the FIS has started training financial crime experts to detect and respond to illegal crypto transactions. FIS Director Muluken Amare, said the training is part of broader preparations to manage unauthorized crypto activity and potential future legalization.
Related: Ethiopia Embarks on a $250M Data and AI Venture with Hong Kong Firm
The initiative is in partnership with the United Nations, Russia, and member countries of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). The organization includes 21 countries and is based in Tanzania.
Notab…
The post Ethiopia Prepares to Regulate Crypto, Even as Official Ban Stays Put appeared first on Coin Edition.
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Ethiopia Prepares to Regulate Crypto, Even as Official Ban Stays Put
- Ethiopia maintains a crypto ban but is developing systems to regulate the sector.
- Financial experts are receiving international training to monitor illegal transactions.
- Officials emphasize crypto’s growing use in terrorism, fraud, and money laundering.
Ethiopia is laying the groundwork for cryptocurrency regulation, despite maintaining an official ban on cryptocurrency trading. The country’s Financial Intelligence Service confirmed the move during a regional anti-money laundering conference in Addis Ababa.
Training and Capacity Building Underway
According to a report from The Reporter, the FIS has started training financial crime experts to detect and respond to illegal crypto transactions. FIS Director Muluken Amare, said the training is part of broader preparations to manage unauthorized crypto activity and potential future legalization.
Related: Ethiopia Embarks on a $250M Data and AI Venture with Hong Kong Firm
The initiative is in partnership with the United Nations, Russia, and member countries of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). The organization includes 21 countries and is based in Tanzania.
Notab…
The post Ethiopia Prepares to Regulate Crypto, Even as Official Ban Stays Put appeared first on Coin Edition.
Read More
Will This Whale’s 20X Leverage Bet Push Bitcoin to a New All-Time High?