Despite an official ban on cryptocurrencies, Ethiopia’s Financial Intelligence Service (FIS) is preparing to regulate virtual currencies. This move comes amidst ongoing efforts by international partners, including the UN and member states of ESAAMLG, to address the growing risks posed by virtual assets in the financial sector. The FIS has announced a collaborative initiative focused on equipping investigators with skills to detect and respond to illegal cryptocurrency uses like tax evasion, money laundering, and terrorism financing. This focus on regulation stems from rising concerns about misuse of cryptocurrencies across the region, particularly by terrorist organizations such as Al-Shabaab, Al-Qaeda, ISIL, and Daesh who have been utilizing virtual currencies for fund-raising and financial flows.