Vanuatu has joined the list of progressive nations by passing the Virtual Assets Service Provider Act for crypto regulation.
New Virtual Assets Legislation
The parliament of Vanuatu has enacted the Virtual Assets Service Provider Act allowing for the issuance of licenses to crypto exchanges, custody service providers, and NFT marketplaces upon obtaining regulators' licenses.
Establishment of Crypto Sandbox
The Commissioner of the Futures Services Commission is expected to sign an order to develop an experimental sandbox environment allowing companies to operate under a test regulatory framework.
Current Crypto Market Situation
As of writing, the crypto market cap is up by 2.61% to $2.72 trillion. The market shows fear with a fear and greed index of 24. Bitcoin and Ethereum are up by 2.49% and 2.81% respectively.
The introduction of new laws in Vanuatu marks a significant step forward in the crypto sector. Global trends reveal the growing importance of cryptocurrencies in the world economy.
