A Vanuatu policy consultant tells Cointelegraph the bill had been ready for a few years but had been delayed due to several cabinet changes.
The bill is expected to be enacted during the first week of Parliament, Vanuatu Financial Services Commission Commissioner Branan Karae is understood to have said on June 27 in opening remarks at a digital assets symposium run by the country’s financial regulator. “The FATF is calling on countries to have legislation around virtual assets. No country in the world can ignore this,” Joseph said.that provide a means of exchange between virtual assets and fiat currencies to those that offer crypto custody, among other functions.
The regulator’s Commissioner will have the power to veto licenses and is also allowed to appoint an inspector to ensure licensed VASPs are operating in compliance with the Act.
Source: Law Daily Report (lawdailyreport.net)
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