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RT @AriJuels: ...not to mention the genesis of Arbitrum / Offchain Labs, Ava Labs, Flashbots, and Oasis Labs and talks on the classic A Fis…

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. 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. Notably, the National Bank of Ethiopia formally banned the use of cryptocurrencies in a revised proclamation issued months ago. Under current law, only the Ethiopian Birr is recognized for financial transactions. “Trading in digital currencies other than the Ethiopian Birr is not allowed in Ethiopia,” Amare said. “But we are offering training to prepare for the possibility of unauthorized activities.” Despite this, FIS officials acknowledge that crypto transactions may be happening informally. As a result, Amare stressed the need to assess the volume of such activities. “It cannot be assumed that all such transactions are illegal,” he added. Meanwhile, only those linked to criminal activity, such as terrorism or money laundering, would be subject to investigation. International and regional experts at the ESAAMLG summit echoed concerns over crypto’s misuse. Kamal Anwar, a United Nations counter-terrorism program officer, said virtual assets are being used for terrorism financing, tax evasion, corruption, and fraud. Muluken Yirga, a senior legal advisor to ESAAMLG, warned that terrorist groups in the region, including Al-Shabaab, Al-Qaeda, ISIL, and Daesh, are increasingly using cryptocurrencies to raise and move funds. He called for greater regional cooperation, stronger financial intelligence units, and improved law enforcement tools to tackle these crimes. Although virtual currencies remain prohibited in Ethiopia, officials say there are preparations for future regulatory decisions. Amare stated that cryptocurrency transactions must be subject to strict regulation if they are ever legalized. However, if the prohibition continues, he emphasized the importance of having effective enforcement systems and penalties for those who violate the law. Related: Ethiopia Bans Foreign Exchange Requests for ‘Non-Priority Products’ So far, there have been no documented cases of crypto-related harm in Ethiopia, either from domestic use or international activity. However, authorities remain cautious given global trends and security threats. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Binance will add watch labels for BIFI, FIS, KMD, and MDT

4/ $FIS Tokenomics: Transparent & On Track $FIS inflation is being systematically reduced. And the monthly $FIS burning is ongoing, with full transparency and on-chain tracking. In short, StaFi remain focused on what truly matters, building real utility, guided by a long-term