The Consumer Council of Fiji has issued a warning regarding an increase in illegal virtual asset-related training schemes being promoted on social media platforms, particularly TikTok. These schemes are designed to attract local residents by making false promises of high returns through educational trading programs, which require participants to pay substantial fees for online and in-person sessions.
Chief Executive Seema Shandil revealed that investigations have identified a group operating under the name “VitiCrypto,” which reportedly charges around $300 for online training via Zoom. These programs not only mislead participants about the legitimacy of these offerings but also encourage them to engage in cryptocurrency transactions. Misleadingly, it is claimed that while banks are unable to process such transactions, alternatives through money exchange platforms can be utilized.
Shandil emphasizes that the provision or promotion of virtual asset services is illegal in Fiji. She underscores the necessity for the public to remain vigilant and to steer clear of any schemes that suggest otherwise. Supporting her caution, the Reserve Bank of Fiji had issued an advisory on September 5, 2025, declaring that under the RBF’s Budget Amendment Act 2025, no individual or entity is permitted to operate, facilitate, or market virtual asset service activities in or from Fiji, nor to Fijian residents.
Violations of this law may result in severe consequences, including fines of up to one million dollars and/or imprisonment for a maximum of 14 years. Shandil warns that engaging with these schemes can lead to significant financial loss and legal repercussions, urging residents to stay informed and protect themselves against potential fraud.
The increased vigilance by the Consumer Council and the Reserve Bank of Fiji illustrates a proactive approach to safeguarding residents from such deceptive practices as the interest in virtual assets grows.