Blockchain Regulations

Malta To Help Vanuatu Govt. In Forming Blockchain Regulations

The Vanuatu Daily Post reported on Monday, October 8th, Malta’s state authorities will help the government of Pacific Island nation of Vanuatu in writing blockchain legislations.

Vanuatu’s Minister of Foreign Affairs, Ralph Regenvanu has reportedly asked for help from the Maltese government in framing blockchain legislation upon guidelines from the Council of Ministers.

Talking at a meeting with Maltese PM Dr. Joseph Muscat, as well as Parliamentary Secretary Silvio Schembri, Regenvanu noticed the crucial role of embracing suitable regulatory structures for the blockchain industry as well as ICOs (Initial Coin Offerings).

As indicated by the Daily Post in mid-September, The RBV (Reserve Bank of Vanuatu) issued an open cautioning on crypto, expressing that virtual currencies are “not perceived as legitimate tender in Vanuatu and are not issued or controlled by the bank”.

The announcement like this raised worries among local authorities, with state regulators suspending the issuance of FDL (Financial Dealers Licenses) to blockchain and crypto-related businesses until the point when the best possible regulation is embraced.

As indicated by a report, state authorities of Malta quickly answered to Regenvanu’s request and assisted the Vanuatu Government for developing the best possible regulation for the blockchain sphere.

Regenvanu additionally recommended the formation of a “Commonwealth of Blockchain Islands” to establish blockchain regulatory standards. Muscat ‘cordially welcomed the Minister’s recommendation’, as indicated by the Vanuatu Daily Post.

Notwithstanding giving training to both state regulators and Ni-Vanuatu students, and general technical help with blockchain regulation, financial authorities of Malta are additionally anxious to contribute to Vanuatu’s financial oversight.

The Maltese Parliament passed three bills in early July that set a characterised regulatory structure and legitimate environment for the crypto as well as blockchain industries.

Because of the high yet increasing level of blockchain industry advancement, enhanced awareness and receptiveness to the crypto industry, the nation has turned into a mainstream spot for crypto-related businesses, including significant crypto trades like BitPay, OKex and Binance.