Reserve Bank of Fiji (Budget Amendment) Act 2025

107 TO AMEND THE RESERVE BANK OF FIJI ACT 1983 ENACTED by the Parliament of the Republic of Fiji— Short title and commencement 1.—(1) This Act may be cited as the Reserve Bank of Fiji (Budget Amendment) Act 2025. (2) This Act comes into force on 30 August 2025. (3) In this Act, the Reserve Bank of Fiji Act 1983 is referred to as the “Principal Act”. Section 2 amended 2. Section 2 of the Principal Act is amended by— (a) in the definition of “Reserve Bank”, deleting “and”; (b) in the definition of “statutory corporation”, deleting “.” and substituting “;”; and ACT NO. 19 OF 2025 I assent. R. N. T. LALABALAVU President [21 July 2025] AN ACT

108 Reserve Bank of Fiji (Budget Amendment)—19 of 2025 (c) after the definition of “statutory corporation”, inserting the following new definitions— ““transfer of virtual asset” means any transaction carried out on behalf of another person that moves a virtual asset from one virtual asset address or account to another; “virtual asset” means a digital representation of value that may be digitally traded or transferred and may be used for payment or investment purposes, but does not include a digital representation of fiat currencies, securities and other financial assets that fall under the purview of this Act and the Companies Act 2015; and “virtual asset service provider” means any natural or legal person, who as a business, conducts one or more of the following activities or operations for, or on behalf of, another natural or legal person— (a) exchange between virtual assets and fiat currencies; (b) exchange between one or more forms of virtual assets; (c) transfer of virtual assets; (d) safekeeping of virtual assets or instruments enabling control over virtual assets; (e) administration of virtual assets or instruments enabling control over virtual assets; or (f) participation in, and provision of, financial services related to— (i) an issuer’s offer and sale of a virtual asset; or (ii) an issuer’s offer or sale of a virtual asset.”. Section 22 amended 3. Section 22 of the Principal Act is amended by deleting subsection (2) and substituting the following new subsections— “(2) Any natural or legal person in or outside of Fiji must not— (a) carry on the business of a virtual asset service provider in Fiji; (b) purport to carry on the business of a virtual asset service provider in Fiji; (c) hold himself or herself or itself out as carrying on the business of a virtual asset service provider in Fiji; or (d) market, advertise, make or accept payment and settlement, provide technical support or other services, of or related to the business of a virtual asset service provider, to Fiji residents.

Reserve Bank of Fiji (Budget Amendment)—19 of 2025 109 (3) Any natural or legal person who contravenes this section commits an offence and is liable on conviction to a fine not exceeding $1,000,000 or imprisonment for a term not exceeding 14 years.”. Passed by the Parliament of the Republic of Fiji this 18th day of July 2025. Price: 57c STAR PRINTERY PTE LTD, (Government Printer), Suva, Fiji – 2025 19/Z/25—170 Official Printer Since 2022