Muda Tech

📢 𝐏𝐑𝐄𝐒𝐄𝐍𝐓𝐀𝐓𝐈𝐎𝐍: 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐕𝐢𝐫𝐭𝐮𝐚𝐥 𝐀𝐬𝐬𝐞𝐭𝐬 𝐚𝐧𝐝 𝐕𝐢𝐫𝐭𝐮𝐚𝐥 𝐀𝐬𝐬𝐞𝐭 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 𝐌𝐋/𝐓𝐅 𝐑𝐢𝐬𝐤 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 𝐟𝐨𝐫 𝐔𝐠𝐚𝐧𝐝𝐚 In a presentation, Edward Amanyire, Manager Strategic Analysis at the @ThefiaU reported the findings of Uganda’s first National Money Laundering and Terrorist Financing (ML/TF) Risk Assessment on Virtual Assets and Virtual Asset Service Providers. The presentation highlighted the rapid growth of Uganda’s virtual asset ecosystem and the increasing need for a coordinated approach to understanding, managing, and governing emerging risks. According to the assessment, Uganda’s virtual asset adoption ranking improved from 100th globally in 2022 to 34th in 2024, with the country ranking 18th out of 155 countries for peer-to-peer exchange activity. The report further estimated approximately USD 564.2 million in virtual asset inflows and USD 545.5 million in outflows between July 2020 and June 2024. A key message from the presentation was that a high-risk assessment is not a call to stop innovation, but a call to govern it. Amanyire emphasized the need for Uganda to establish a clear regulatory framework for Virtual Asset Service Providers (VASPs), strengthen Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) controls, provide practical guidance to private sector players, and enhance public-private collaboration to manage risks while allowing responsible innovation to thrive. The assessment noted that while virtual assets present opportunities for financial innovation, their rapid evolution also requires stronger oversight around areas such as consumer protection, customer due diligence, transaction monitoring, and prevention of financial crimes. The findings provide an important foundation for stakeholders to better understand Uganda’s virtual asset landscape and support the development of a balanced approach that promotes innovation, protects consumers, and strengthens the integrity of the financial system. #FITSPA #CryptoAssets #VirtualAssets #Blockchain #DigitalFinance #FinancialIntegrity #AML #CFT #FintechUganda #DigitalEconomy