The Honduras banking regulator has implemented immediate measures prohibiting institutions under its authority from engaging in cryptocurrency trading.
In a resolution, the National Banking and Securities Commission or CNBS noted that the move takes effect immediately and aims to mitigate the risks of fraud and money laundering, Reuters reported on February 16.
Entities under its mandate are instructed not to ‘maintain, invest, intermediate, or trade in cryptocurrencies, crypto-assets, virtual currencies, tokens, or similar virtual assets not issued or authorized by the central bank’.
Notably, this ban was imposed despite the absence of formal legislation regulating cryptocurrencies in the Central American country.
However, various crypto-related service providers operate within Honduras, with CNBS highlighting that many are based in multiple jurisdictions. Due to their registration in different countries, Honduras faces challenges in controlling them, especially concerning i
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