Vanuatu says goodbye to strict law on cryptocurrency regulation: VFSC receives comprehensive supervision of providers of virtual assets.

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vanuatu has passed a strict law on the licensing and regulation of cryptocurrencies, which gives the Vanuatu Financial Services Commission (VFSC) the authority to take over the supervision of virtual assets.

This new law represents a significant step in the regulation of the crypto area and aims to create a safe and transparent environment for the use of digital assets. The appointment of the VFSC as the responsible supervisory authority ensures that the providers of virtual assets correspond to strict criteria and standards to ensure the integrity of the market.

Regulation includes requirements for licensing for companies that offer services in the field of virtual assets. These include strict exams and compliance with Know-Your Customer (KYC) and anti-Money-Lundering (AML) specifications.

The introduction of this law is an encouraging signal for investors and companies who want to start the cryptocurrency market. With the creation of clear regulatory framework conditions, Vanuatu helps to strengthen trust in digital financial products and services and thus increase the country's attractiveness as a location for blockchain and crypto companies.

The increased regulation also offers a legal framework that enables potential risks to minimize and protect market participants from fraudulent activities. Vanuatu positions itself as a progressive player in the rapidly developing global crypto market.