• Vanuatu passes first comprehensive crypto regulation law in the Pacific region
• VFSC gains authority for licensing, enforcement; follows FATF AML/CTF standards
• Law covers exchanges/custody/ICOs, excludes stablecoins, includes sandbox

Vanuatu has officially passed a new act to regulate crypto firms. This legislative action makes it the latest island in the Pacific region to introduce such comprehensive oversight measures specifically for the digital asset industry.

Under the new law, the VFSC is empowered to issue crypto business licenses. It can also conduct investigations into licensed entities and enforce penalties for non-compliance. 

The legislation includes potentially harsh penalties for serious violations; specified fines can reach up to 250 million vatu (approximately $2 million USD), and certain offenses could carry prison sentences of up to 30 years.

Loretta Joseph, a key policy consultant who advised the VFSC on this legislation, stated the measures were designed, in part, to prevent Vanuatu from becoming an unregulated haven for illicit crypto activity. She drew comparisons to the situation surrounding the collapse of FTX in 2022, which highl…

The post Avoiding Another FTX? Vanuatu Adviser Explains New Crypto Law’s Goal appeared first on Coin Edition.

• Vanuatu passes first comprehensive crypto regulation law in the Pacific region
• VFSC gains authority for licensing, enforcement; follows FATF AML/CTF standards
• Law covers exchanges/custody/ICOs, excludes stablecoins, includes sandbox

Vanuatu has officially passed a new act to regulate crypto firms. This legislative action makes it the latest island in the Pacific region to introduce such comprehensive oversight measures specifically for the digital asset industry.

Under the new law, the VFSC is empowered to issue crypto business licenses. It can also conduct investigations into licensed entities and enforce penalties for non-compliance. 

The legislation includes potentially harsh penalties for serious violations; specified fines can reach up to 250 million vatu (approximately $2 million USD), and certain offenses could carry prison sentences of up to 30 years.

Loretta Joseph, a key policy consultant who advised the VFSC on this legislation, stated the measures were designed, in part, to prevent Vanuatu from becoming an unregulated haven for illicit crypto activity. She drew comparisons to the situation surrounding the collapse of FTX in 2022, which highl…

The post Avoiding Another FTX? Vanuatu Adviser Explains New Crypto Law’s Goal appeared first on Coin Edition.