The small Pacific nation of Nauru has passed a law to establish a dedicated virtual asset regulatory authority covering Crypto, Digital Banking and Web 3 innovation, which aims to become a crypto hub.
Nauru is a western Pacific Island sovereign state in Micronesia in the northeast of Australia, with an estimated area of 21 square kilometers and a population of about 12,500 people. It is the third smallest country in the world and the world’s smallest island is the nation.
Bill Command Ridge makes laws to Virtual Asset Authority (CRVAA), which will be assigned with the supervision of licensing scheme To register crypto firm And offer your services using Nuru as a basis, the government of Nauru Said In a statement on Tuesday.
No securities under Crypto Bill
Under the law, Crypto is defined as an object, not as security, and the payment tokens are excluded from the state of the investment contract.
A series of crypto activities, such as the operation of crypto exchanges, Initial coin prasadNon-fangs, lending, stacking, yield farming and other decentralized finance services, now all will be under the CRVAA Authority.
CRVAA will also look after StabelcoinBorder cross payments, and digital banks.
Play to become a digital asset leader
Nauru President David Adang said that it is expected that the regulation will pave the way for the nation to become a digital asset leader in the Oceania region.
Before the law, Crypto Trading Was There was no specific inspection, rule or regulations to rule how legal, but how it was used in Nauru.
At the same time, Adind said that Noreu is considered one of the most risky countries of this region, Under The United Nations Multidimensional Demonstration Index, for an increased risk for economic tremors.
“The purpose of this bold step is to exploit the ability of virtual assets to diversify revenue currents and strengthen economic flexibility,” he said.
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“By implementing strong inspection of Vasps, NAURU aims to promote permanent growth, channel the new financial flow in strategic devices, such as its inter -trust Fund,” Adeang said.
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