Vanuatu is a small island country in the Pacific Ocean that wants to regulate its crypto industry in the proper way.
The Reserve Bank of Vanuatu (RBV) published a statement claiming that cryptocurrencies are “not recognized as legal tender in Vanuatu and are not issued or regulated by the bank”.
RBV strongly recommended customers to avoid their involvement in cryptocurrency business “with immediate effect”. The Council of Ministers (COM) proposed to the authorities to create frameworks for cryptocurrency and blockchain regulations.
There are no doubts that Malta is into blockchain. To be the most involved and open to the crypto industry, Malta even established scholarships for blockchain studies. Ralph Regenvanu, Vanuatu Minister of Foreign Affairs met with the Prime Minister of Malta and asked him to share their legislation and experience with Vanuatu. Malta immediately offered its assistance to build a perfect blockchain and crypto mechanism. Ralph Regenvanu stressed:
“Now that we have had such a positive expression of interest from the highest levels of the Maltese Government to help us in developing our own legal framework for the regulation of Blockchain, Digital Ledger Technology and Virtual Financial Assets, I am confident that Vanuatu now has the right technical assistance and expertise in place to move forward quickly with these regulations.”