Vanuatu passes crypto licensing and regulation framework

Vanuatu has officially promulgated its regulatory framework and granting of the cryptography license, joining a growing list of nations implementing regulatory monitoring for virtual asset service providers.

Vanuatu has finalized its Crypto license regulation and license granting framework, which has been developing since 2020. On March 26, the Vanuatu Parliament adopted the law on virtual asset service providers, dominating the Vanuatu financial services committee with the power to issue licenses and regulate the cryptographic industry, as at the origin, as originally Origin, as originally, as originally, as originally, as originally, as originally, as originally reported by financial magnates.

According to the bill, the VFSC can issue licenses to exchanges, NFT markets and childcare providers. It also allows banks to obtain licenses to offer crypto and guard exchange services. The legislation does not apply to stablescoins, tokenized titles and the digital currencies of the central bank.

The legislation also allows the commissioner to create a sandbox environment to allow approved companies to operate as suppliers of virtual asset services for one year, with the possibility of renewal.

Vanuatu is the last of a growing list of countries that have recently introduced or updated their regulatory and license framework of cryptography.

Earlier this month, Cayman Islands, another offshore financial center well known with favorable tax policies, updated Its crypto license rules, forcing vasps to obtain a license from the Cayman Islands Monetary Authority from April 1.

On March 25, the Taiwan Financial Supervisory Committee revealed The project of its Vasp law, describing the license provisions for cryptographic asset service providers, Stablecoin emission standards and various investor protection measures. On March 13, Turkey too advance Its cryptographic regulations by introducing stricter rules for cryptographic asset service providers.