Self-custodial wallet / non-custodial software in Fiji

No specific license for cryptocurrency custody exists. As cryptocurrencies are not recognized as regulated financial products under the current RBF framework, there is no specific "crypto custodian license."

If an entity's operations extend beyond pure custody into other financial services (e.g., exchange, lending, brokerage) and those services fall under existing definitions within the Banking Act 1995 or other financial services legislation, then appropriate licenses for those activities would be required. However, such legislation does not currently explicitly include digital assets.

No specific definition of a "qualified custodian" for digital assets exists. The RBF has not introduced any regulatory definitions or criteria for what constitutes a qualified custodian in the context of cryptocurrencies.

Pure Payment Tokens/Cryptocurrencies (e.g., Bitcoin, Ethereum): While the RBF does not recognise them as legal tender, if they are primarily used as a medium of exchange and not offered as an investment scheme by an issuer, they are less likely to be considered securities. However, platforms facilitating their trading would still fall under AML/CFT regulations.

Pure Utility Tokens: If the token provides immediate access to a product or service, its primary purpose is consumption, and there is no expectation of profit from the issuer's efforts (e.g., a token used as a voucher for existing services).

Security Tokens: These are tokens that explicitly represent traditional securities, such as shares in a company, bonds, units in a collective investment scheme, or other financial instruments. Examples include tokens representing equity, debt, or profit-sharing rights.

Investment Tokens: Any token offered with the expectation of profit derived from the efforts of others, where the investor is largely passive. This includes:

Prospectus Requirement: Generally, an offer of securities to the public in Fiji requires the preparation and registration of a prospectus with the Registrar of Companies. This prospectus must contain all material information necessary for investors to make an informed decision.

Financial Transactions Reporting Act 2004 (FTRA 2004): This is the foundational AML/CFT law in Fiji. It establishes the framework for reporting institutions, customer due diligence, suspicious transaction reporting, and the powers of the Financial Intelligence Unit (FIU).

RBF Statement (2023) - Warning on Virtual Assets and Cryptocurrency: While a specific press release for 2023 isn't easily found, the RBF's general stance is reiterated in public speeches and financial stability reports. Their 2022 Annual Report mentions ongoing monitoring and collaboration with FIU.

RBF Statement (2021) - Warning on Virtual Assets and Cryptocurrency (example of consistent messaging):

FATF Mutual Evaluation Report for Fiji (2022) - discussing Fiji's VA framework:

The RBF's general stance is one of caution and ongoing assessment. They have indicated that they are studying various aspects of digital currencies and payments, but this has not yet translated into specific regulatory frameworks for custody.