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The Pacific Island nation of Vanuatu is about to make a significant legislative move. The country has concluded passing a long-awaited digital asset bill in September to establish the licensing of cryptocurrencies and service providers.
Branan Karae, the Vanuatu Financial Services Commission (VFSC) commissioner, mentioned the bill’s passing during his opening remark at a digital asset symposium.
Vanuatu Finalizes Crypto Bill Passing
In his address at the conference on June 27, Karae stated that the bill is anticipated to be introduced during the first week of the parliamentary session.
According to VFSC policy consultant Loretta Joseph, the bill has been ready for several years. However, numerous cabinet changes have repeatedly delayed its enactment.
Originally introduced in 2020, political instability delayed the bill’s progress, preventing it from becoming law until now.
The bill’s primary goal is to create a comprehensive structure for licensing and registering virtual assets service providers (VASPs). This regulatory structure will enable them to operate legally in Vanuatu for the first time.
However, the bill also outlines specific licensing and registration requirements that these crypto service providers must fulfill to operate.
Joseph emphasized that the bill would help Vanuatu align with the Financial Action Task Force (FATF) standards. The FATF is an international watchdog that fights money laundering and terrorist financing.
It primarily demands countries to assess and manage risks associated with crypto service providers and activities, making this legislative move essential for Vanuatu.
The proposed legislation includes five classes of licenses covering various services. These include exchanges between crypto and fiat currencies, crypto custody services, and other related service providers.
Meanwhile, the VFSC will oversee VASP activities to ensure compliance with Counterterrorism Financing (CTF) and Anti-Money Laundering (AML) laws. The VFSC commissioner will have substantial authority, including the power to veto licenses and appoint inspectors to ensure compliance with the Act.
Key Features of Vanuatu’s New Bill
A notable feature of the upcoming bill is the introduction of a Fintech Sandbox Utility, which allows companies seeking licenses to operate for 12 months without an initial license.
This sandbox approach encourages innovation and provides new entrants with a platform to establish themselves before fully complying with licensing requirements.
Moreover, the bill outlines severe penalties for individuals and corporations conducting VASP activities without a license.
Individuals who violate the regulations could face fines of up to 25 million Vanuatu vatus ($207,700) or imprisonment for up to 15 years. For corporations, the penalty figure goes as high as $2.1 million.
Furthermore, Joseph highlighted the broader economic implications of the bill, particularly for smaller nations like Vanuatu. She emphasized the need for innovative approaches to driving economic growth, noting that Vanuatu, as an island nation, cannot rely on traditional manufacturing industries.
Nonetheless, by establishing itself as an international financial center through progressive legislation, Vanuatu could attract significant economic activity and investment.
The country, located in the South Pacific Ocean, comprises 13 main islands. According to the World Bank, it had a gross domestic product (GDP) of $1.1 billion as of 2022.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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