The law puts not-for-profit organisations such as non-governmental organisations and charities, in the same basket with banks, real estate agencies and extractives as some of the sectors.
FIA asks govt to find way of regulating cryptocurrencies
Monday May 24 2021
Some analysts believe that it is better for Uganda to adopt this new finance innovation of cryptocurrencies at an early stage to offset any emerging risks. PHOTO/courtesy
Summary
Last year we gave them one month to register but only a few responded,” he said, noting many cryptocurrency operators continue to operate illegally, which makes it difficult to regulate their activities.
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The Financial Intelligence Authority (FIA) has asked the Ministry of Finance to come up with a framework in which cryptocurrency operations can be regulated.
Speaking to a group of non-profits organisations and non-government organisations in Kampala at the weekend, Mr Sydney Asubo, the FIA executive director, said they have been asking cryptocurrency operators to register but very few have responded with the vast majority continuing to operate illegally.