The Pacific island nation of Nauru passes crypto legislation
The post The Pacific island nation of Nauru passes crypto legislation appeared on BitcoinEthereumNews.com. The Republic of Nauru, a remote island nation in the western Pacific Ocean, has passed a law that could transform the country into a regional hub for crypto, digital banking, and Web3 innovation. On Tuesday, Nauru’s Parliament approved a bill establishing the Command Ridge Virtual Asset Authority (CRVAA), a newly formed regulatory body tasked with overseeing virtual asset services and enforcing the country’s licensing framework. The bill is Nauru’s most significant move yet toward institutionalizing digital finance. CRVAA to oversee digital asset services Named after the island’s highest elevation, the Command Ridge Virtual Asset Authority will become the primary regulatory authority for all digital asset-related activities in the country. According to the government statement issued on July 17, the CRVAA will license and supervise virtual asset service providers (VASPs), digital banking operations, and Web3 services. The new law covers both centralized and decentralized digital finance ecosystems. Activities subject to CRVAA authorization include the operation of exchanges, custodial and non-custodial wallet services, token issuance through ICOs and STOs, non-fungible tokens (NFTs), lending and staking protocols, DeFi platforms, and stablecoin issuance. It also extends to digital banking operations, cross-border payments, and the issuance and management of electronic money. With the legislation in place, companies licensed under CRVAA will be allowed to operate globally while using Nauru as their jurisdictional base. Minister Eoe: Nauru is competitive in the digital economy Commerce and Foreign Investment Minister Maverick Eoe presented the bill to lawmakers and framed it as a calculated bid to compete globally. He said the law introduces a framework that puts Nauru in the list of “forward-thinking countries” already generating revenue through virtual assets and digital innovation. “More countries are recognizing the potential of virtual assets from blockchain technologies to decentralized finance,” Eoe reckoned. “This bill proposes to introduce a framework that will…
The post The Pacific island nation of Nauru passes crypto legislation appeared on BitcoinEthereumNews.com.
The Republic of Nauru, a remote island nation in the western Pacific Ocean, has passed a law that could transform the country into a regional hub for crypto, digital banking, and Web3 innovation. On Tuesday, Nauru’s Parliament approved a bill establishing the Command Ridge Virtual Asset Authority (CRVAA), a newly formed regulatory body tasked with overseeing virtual asset services and enforcing the country’s licensing framework. The bill is Nauru’s most significant move yet toward institutionalizing digital finance. CRVAA to oversee digital asset services Named after the island’s highest elevation, the Command Ridge Virtual Asset Authority will become the primary regulatory authority for all digital asset-related activities in the country. According to the government statement issued on July 17, the CRVAA will license and supervise virtual asset service providers (VASPs), digital banking operations, and Web3 services. The new law covers both centralized and decentralized digital finance ecosystems. Activities subject to CRVAA authorization include the operation of exchanges, custodial and non-custodial wallet services, token issuance through ICOs and STOs, non-fungible tokens (NFTs), lending and staking protocols, DeFi platforms, and stablecoin issuance. It also extends to digital banking operations, cross-border payments, and the issuance and management of electronic money. With the legislation in place, companies licensed under CRVAA will be allowed to operate globally while using Nauru as their jurisdictional base. Minister Eoe: Nauru is competitive in the digital economy Commerce and Foreign Investment Minister Maverick Eoe presented the bill to lawmakers and framed it as a calculated bid to compete globally. He said the law introduces a framework that puts Nauru in the list of “forward-thinking countries” already generating revenue through virtual assets and digital innovation. “More countries are recognizing the potential of virtual assets from blockchain technologies to decentralized finance,” Eoe reckoned. “This bill proposes to introduce a framework that will…
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