Vanuatu passes the license frame and cryptography regulation

Vanuatu has officially promulgated its cryptography regulation and license framework, joining a growing list of nations that implement regulatory supervision for suppliers of virtual asset services.

Vanuatu has finished its crypto Regulation and Licencies Frame <a target="_blank" href="https://www.financemagnates.com/cryptocurrency/vanuatu-parliament-passes-crypto-legislation/” target=”_blank” rel=”nofollow”>reported by financial magnates.

According to the bill, the VFSC can issue licenses to exchanges, nft markets and custody suppliers. It also allows banks to obtain licenses to offer exchange and custody services. The legislation does not apply to stablcoins, tokenized values ​​and 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 a year, with the possibility of renewal.

Vanuatu is the last in a growing list of countries that have recently introduced or updated their cryptocurrency regulation and license frameworks.

Earlier this month, the Cayman Islands, another offshore financial center well known with favorable fiscal policies, updated its cryptographic license rules, which requires that Vasp obtain a license from the monetary authority of the Cayman Islands as of April 1.

On March 25, the Taiwan Financial Supervision Commission presented The draft of its VASP Law, which describes the provisions of licenses for suppliers of cryptographic asset services, standards for establishment issuance and several investor protection measures. On March 13, Türkiye also advanced its cryptographic regulations by introducing stricter rules for cryptographic asset service providers.