The 2024 National Policy on Virtual Currency aims to provide a comprehensive framework for the regulation and oversight of virtual currencies in order to protect consumers, prevent illicit activities, and foster innovation in the digital economy.

The policy recognizes the growing importance of virtual currencies in the global economy and seeks to balance the benefits of innovation and financial inclusion with the need to mitigate risks such as money laundering, terrorism financing, and consumer protection.

Key elements of the policy include:

1. Registration and Licensing: Virtual currency exchanges and wallet providers will be required to register with the relevant regulatory authorities and comply with strict licensing requirements to ensure transparency, security, and accountability.

2. AML/CFT Measures: Virtual currency businesses will be subject to robust anti-money laundering (AML) and countering the financing of terrorism (CFT) measures to prevent illicit activities and protect the integrity of the financial system.

3. Consumer Protection: The policy will establish clear guidelines for the protection of consumers, including measures to safeguard their funds, ensure fair trading practices, and provide recourse in case of disputes or fraud.

4. Innovation and Competition: The policy will support innovation in the virtual currency sector by promoting competition, encouraging research and development, and fostering collaboration between industry stakeholders and regulatory authorities.

5. International Cooperation: The policy will promote international cooperation and information sharing to address cross-border challenges and ensure consistency in regulatory standards across jurisdictions.

Overall, the 2024 National Policy on Virtual Currency aims to create a conducive regulatory environment that promotes the responsible growth of the virtual currency sector while safeguarding the interests of consumers and maintaining the integrity of the financial system. By striking a balance between innovation and regulation, the policy seeks to harness the potential of virtual currencies to drive economic growth and financial inclusion in the digital age.