Virtual assets pose several advantages and challenges. On one
hand, they make payments simpler, faster, cheaper, and enhance
financial inclusion by providing alternative methods for persons
without access to basic financial products and services . While on
the other hand they have the potential to become worthless and are
vulnerable to cyber-attacks and scams.
The absence of regulation for virtual assets presents a safe
space for the financial transactions of criminals and terrorists.
Given that the majority of countries worldwide are yet to implement
effective regulations on virtual assets, the ensuing gap in the
global regulatory environment has created a large lacuna in
financial integrity to be exploited by terrorists, criminals, and
rogue regimes.
